CBN Governor's Speech At The Nigerian Private Sector Coalition Against COVID-19

Proshare

Thursday, March 26, 2020   /10:56 PM / by CBN / Header Image Credit: Bloomberg

 

Ladies and Gentlemen, Good afternoon. As a follow up to the series of engagements and releases from the Central Bank of Nigeria in response to the impact of the COVID-19 on the Global and Nigeria economy, the CBN has, in the last few days began engaging Nigeria compatriot stakeholders in the private sector on how to provide support to the Federal Government in procuring equipment and materials to combat the menace of this unfortunate pandemic in Nigeria.

 

As you are aware, a total of 499,125 persons have been infected globally as at today,81,285 in China, 74,386 from Italy, 73,386 from the USA and 56,197 persons from Spain.

 

In Africa, South Africa has 927 infected persons. Although the number in Nigeria so far stands at 51, we are concerned that this number may rise exponentially in the next Two weeks.

 

In terms of fatalities, China has had deaths of 3,287, Italy 7,503, USA 1,062, Spain 4,145 and so far 1 in Nigeria.

 

Ladies and Gentleman, Nigeria must prepare for the worst in responding.

 

The Central Bank of Nigeria, on behalf of the Bankers' Committee and in partnership with the private sector led by Aliko Dangote Foundation and Access Bank have come together to form the Nigerian Private Sector Coalition Against COVID-19. This Coalition was created out of the urgent need to combat the unfolding COVID-19 crisis in Nigeria. The rate at which the virus is spreading is unprecedented and it appears we are fighting our most lethal adversary to date.

 

So far, the Federal Government has made giant strides in the fight but it is clear that the private sector needs to step in and support efforts already being made. The objectives of the Coalition are to:

 

  • Mobilize private sector thought leadership
  • Mobilize private sector resources
  • Increase general public awareness, education and buy-in
  • Provide direct support to private and public healthcare's ability to respond to the crisis
  • Support Government effort

 

In doing this, the Coalition has set up four major committees comprising of:

 

1. Steering Committee to provide leadership and steer the coalition and committees in procuring all needed funding, equipment and materials for the battle against this pandemic.

 

The steering committee will be chaired by the secretary to the Government of the Federation, Mr. Boss Mustapha who currently chairs the Federal Government Committee on COVID-19. Other members of the Committee will announced later.

 

2. Funding Committee: this committee will be responsible for the initial funding of the effort. Membership comprise, the CBN Governor, Aliko Dangote, Herbert Wigwe, Jim Ovia, Tony Elumelu, Segun Agbaje, Abdulsamad Rabiu and Femi Otedola.

 

Each member of the committee is to ensure that their institution contribute at least N1b to this effort. More members are allowed as long as they are willing to contribute at least N1b.

 

3. Operational Committee: responsible for project management, logistics, communication and advocacy. This comprise CBN Governor, Aliko Dangote Foundation, Access Bank, Zenith Bank, GT Bank, Stanbic IBTC, Ecobank, Fidelity Bank, Unity Bank, Nigerian Breweries Plc.

 

4. Technical Committee: this committee is responsible for gathering data about the equipment and materials needed nationwide. They will also be responsible for intellectual leadership around testing issues, treatment protocols, isolation centers, etc. Membership Comprised of NCDC, WHO, Bill and Melinda Gates Foundation, Federal Ministry of Health and select members of the operational and

funding committee.

 

We will be working with reputable institutions and consultants including the Lagos State Commisioner of Health, Dr. Akin Abayomi, Dr Christian Happi, Dr. Phillip Onyebujo.

 

Information gathered so far has revealed that to procure all needed equipment, material, and all infrastructure needed to fight this pandemic, over N120b need to be raised. The Bankers Committee and these important stakeholders will be required to step up to support this endeavor. We are already engaging other important stakeholders in Nigeria and abroad, such as the NNPC and players in Oil industry.

 

An account will be set up at the Central Bank of Nigeria to receive both Naira and foreign Currency from our donors.

 

The Technical Committee will be providing Information about the venue' where equipment and materials will be received just for those who wish to donate materials and equipment.

 

The have made commitment to provide funding, equipment and material as well.

 

At the end of the process, we shall use have a reputable form of Accountants to render full account of how the funds were utilized as well as account for the materials donated.

 

The need for all Nigerians to play a role in this fight cannot be understated as we are quite literally in the fight of our lives. | must highlight the fact that this is not just about bringing money. Your time, your services, your products will all be helpful.

 

The committee has already begun work and we will keep you updated of our progress.

 

 

Godwin, I. Emefiele

CBN, Governor

March 26, 2020

 

Proshare Nigeria Pvt. Ltd.

 

Related News - Health

  1. BUA Group Donates N1bn to Support COVID-19 Response
  2. UBA Pledges N5bn (U$14m) To COVID-19 Relief Support Across Africa
  3. CBN to Remain Operational While COVID-19 Lasts
  4. COVID-19: Ecobank Launches "StaySafeNigeria" Media Campaign
  5. COVID-19: Dangote Rallies Private Sector Operators To Contain Pandemic In Nigeria
  6. Anap Foundation COVID-19 Think Tank Presents 'Coronavirus Alert'
  7. COVID-19: CIBN Adjusts Programmes; Holds AGM Through Teleconferencing, Postpones April Exams
  8. COVID-19: Access Bank, Ecobank Bank Leverage Online Channels
  9. Philanthropic Efforts Towards COVID-19 Containment Globally
  10. Non-Essential Federal Public Servants to Stay and Work From Home to Check Spread of COVID-19
  11. COVID-19: Presidential Task Force Issues Statement; FEC Meetings Suspended Until Further Notice
  12. Coronavirus: Oyo State Activates Emergency Operating Centres, Names Incident Manager
  13. WHO launches Health Alert service on WhatsApp

 

Proshare Nigeria Pvt. Ltd.

 

Related News - #Coronavirus

  1. BUA Group Donates N1bn to Support COVID-19 Response
  2. CBN Suspends FX Sales to BDCs Until Further Notice
  3. The Nigerian Economic Stimulus Bill 2020 - How Much Cash Would Your Business Get?
  4. #Coronanomics: Understanding A Virus From An Islamic Economic Perspective - Dr. Aliyu Muhammad
  5. COVID-19 and AGM by Proxy: Lessons from GTBank Approach
  6. COVID-19 Tax Measures - LIRS Extends Filing Deadline for Annual Returns
  7. COVID-19: AFREXIM Bank Rolls Out $3bn Facility To Support African Member States
  8. #Coronanomics: The Changing Scale of Edtech, Healthtech, and Virtual Work Space In Nigeria
  9. COVID-19: Cyber Risks, Insurance and Us
  10. COVID-19: Joint Statement by the FCA, FRC and PRA
  11. COVID-19: FirstBank Focussed on Solving Education Challenges Facing Parents
  12. Securities Regulators Coordinate Responses to COVID-19 through IOSCO
  13. CBN to Remain Operational While COVID-19 Lasts
  14. COVID-19: Ecobank Launches "StaySafeNigeria" Media Campaign
  15. 39% of APAC Corporates More Exposed to Coronavirus
  16. World Bank and IMF Issue Joint Statement to the G20 Concerning Debt Relief for the Poorest countries
  17. COVID-19: Dangote Rallies Private Sector Operators To Contain Pandemic In Nigeria
  18. COVID-19: Opportunities For The Nigerian Digital Economy - Dr. (Mrs) Omobola Johnson
  19. In It Together: Protecting the Health of Africa's People and their Economies
  20. The Nigeria Emergency Stimulus Bill Passes Second Reading at House of Reps - For The Records
  21. eTranzact International Plc Proposes Rights Issue of 4.67bn Shares
  22. COVID-19 and the New Work Culture: The Financial Implication for Individuals
  23. Anap Foundation COVID-19 Think Tank Presents 'Coronavirus Alert'
  24. CBN Issues Guidelines for the Implementation of the N50bn Targeted Credit Facility
  25. COVID-19: Measures Taken by UK Government to Support Business
  26. COVID-19 Pandemic and the Middle East and Central Asia: Region Facing Dual Shock
  27. COVID-19: CIBN Adjusts Programmes; Holds AGM Through Teleconferencing, Postpones April Exams
  28. FIRS Grants Tax Concessions in Response to COVID-19
  29. The Limits of Heteredox Economics Revealed, MPC Trapped and Has to Hold
  30. SEC Nigeria Issues Advisory On COVID-19
  31. Fiscal and Monetary Responses to COVID-19 Menace: Racing Against Time
  32. COVID-19: Access Bank, Ecobank Bank Leverage Online Channels
  33. Crude Oil: Unsold Cargoes Forces Price Slash
  34. COVID-19: NSE Extends Time to Submit Audited Financial Statement by Dealing Members
  35. COVID-19: Ventures Platform and Lagos State Government Partner in Fight Against
  36. Fragility of State Government Finances
  37. Philanthropic Efforts Towards COVID-19 Containment Globally
  38. Non-Essential Federal Public Servants to Stay and Work From Home to Check Spread of COVID-19
  39. COVID-19: NSE Activates 30-day Remote Work Plan; Remote Trading to Continue
  40. IsDB Supports OIC Countries With $730m To Combat COVID-19
  41. COVID-19: Presidential Task Force Issues Statement; FEC Meetings Suspended Until Further Notice
  42. Quiet Bond Market as COVID-19 Fears Creates Uncertainty Among Investors
  43. The Federal Reserves is Running Out of Options to Stave Off a Coronavirus Depression
  44. ACCESS Releases Update To Key Stakeholders on Coronavirus
  45. COVID-19: NSE Extends Time to File Audited Financial Statement for the Year Ended 31 December 2019
  46. Coronavirus: Oyo State Activates Emergency Operating Centres, Names Incident Manager
  47. COVID-19: Our Compliance with Lockdown and Measures Put in Place To Serve You
  48. COVID-19: CBN, Bankers' Committee To Support Pharmaceutical Coys
  49. Bankers Committee Reviews Impact of COVID-19 On Economy, Announces Support Packages
  50. WHO launches Health Alert service on WhatsApp
  51. Coronavirus Crisis Is Crushing Global GDP Growth
  52. Coronavirus: Firstbank Deploys Measures to Protect Employees, Customers and other Stakeholders
  53. Blunting the Impact and Hard Choices: Early Lessons from China
  54. COVID-19 Outbreak: How is Africa faring?
  55. COVID-19 Pandemic: Ecobank Encourages Customers to Adopt Digital Self-Service Solutions
  56. COVID-19 Pandemic and Latin America and the Caribbean: Time for Strong Policy Actions
  57. COVID-19: NSE Advises Companies to Put Adequate Precautionary Measures In Place Ahead of 2020 AGMs
  58. Can the Nigerian Economy Survive the Virus?
  59. What's Really Happening In Oil Markets?
  60. COVID-19: Lagos and Ogun States Ban High Density Social Gatherings
  61. Banks Bring Down Cost-to-income ratios As Industry Margins Tighten
  62. NCDC Releases Self Isolation Guidance for Nigerians
  63. COVID-19: CBN to Inject N1trn Stimulus Across Critical Sectors of the Economy
  64. Coronanomics: ICIEC Pledges $150m In Insurance Coverage For OIC Members
  65. Coronanomics: Figuring Out CBN's Recent Policy Intervention
  66. Oil Price Plunge to Pressure US Energy States and Locals
  67. Coronavirus to Weaken Sovereign Fiscal Positions; Track Record Matters
  68. FG Restricts Entry Into Nigeria from 13 Countries; Suspends Issuance of Visa on Arrival
  69. UK Foreign Office Issues Travel Advice Against Non-Essential Travel Worldwide
  70. Fed Actions, US Banks Discount Window Use Prudent Amid Turmoil
  71. CBN Policy Measures In Response to COVID-19 Outbreak and Spillovers
  72. Coronavirus Containment Actions Pose Material Risk to Global Structured Finance
  73. Federal Reserve Cut Rates to Support the Flow of Credit to Households and Businesses
  74. World Bank Group Increases COVID-19 Response to $14bn To Help Sustain Economies, Protect Jobs
  75. There Is No Systemic Risk - Feedback From Goldman Sachs' Conference Call Held Sunday
  76. Coronavirus Containment Actions Pose Material Risk to Global Structured Finance
  77. Africa CDC Policy Recommendation for AU Meetings and Travel During COVID-19 Outbreak
  78. Africa CDC Guidance on Community Social Distancing During COVID-19 Outbreak
  79. COVID-19 and the Nigerian Economy: Backed to the Wall
  80. Coronanomics: Inside Nigeria's Stock Market Response
  81. Coronavirus: IsDB President Calls For Coordinated Efforts To Tackle Pandemic
  82. Coronavirus: FG to Review Budget as Oil Price Plunges
  83. Potential Impact of the Coronavirus Epidemic: What We Know and What We Can Do
  84. World Bank Group Announces Up to $12bn Immediate Support for COVID-19 Country Response
  85. China's Official Manufacturing Index Crashed from 50.0 to a Record Low of 35.7 In February 2020
  86. FG Inter-Ministerial Meeting Reviews Strategies On Containing Coronavirus
  87. Arbitrary Increase in Prices of Protective and Hygiene Products on Account of Coronavirus Concerns
  88. Coronanomics: Understanding The Darker Side of A Virus's Economic Downside
  89. Coronavirus: Establishing The Nexus Between A Bug and Global Equity Markets
  90. WHO Director-General's Opening Remarks at the Media Briefing on COVID-19
  91. First Case Of Coronavirus Confirmed In Lagos
  92. COVID-19 Refinancing Risk Elevated for 6% of Rated China Corps
  93. Global Ports Vulnerable to Coronavirus-Related Volume Declines
  94. The First Innovative Corporate Bond Supporting Anti-Epidemic Is Given The Green Light To Issue
  95. Coronavirus May Add to Liquidity Strain for Some APAC Corporates
  96. Coronavirus Set to Dampen China's Economic Growth
  97. What Coronavirus Means for Investors
  98. Coronavirus Raises Risks for China Toll Road Operators
  99. Coronavirus Could Push Global Oil Market into Surplus
  100. Airlines Face Growing Pressure From The Coronavirus
  101. Coronavirus' Severity Will Frame Effect on Corps, Sovereigns
  102. China Government Suspend Equity Market Trading to Prevent Sell-Off

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

READ MORE:
Related News
SCROLL TO TOP