COVID-19: The CBN announces N1.1tn intervention fund

 

 

The Central Bank of Nigeria has announced a N1.1tn intervention fund to support critical sectors of the economy.

The announcement was made just hours after new COVID-19 cases were confirmed in the country.

The CBN Governor, Godwin Emefiele in a statement noted that out of the N1.1tn, about N1tn would be used to support the local manufacturing sector as well as boost import substitution.

He added that the remaining N100bn  would be used to support the health sector  to ensure that labs, researchers and innovators work with global scientists to patent and produce vaccines and test kits in Nigeria.

Emefiele who noted that it’s an imperative measure following the Coronavirus pandemic, added that the N100bn would enable the country prepare for any major crises ahead.

He also said that given the continuing impact of the disease on global supply chains, the CBN will increase its intervention in boosting the economy.

 

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