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Saturday, March 21,
2020 / 04.00PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: EcoGraphics
Major
pharmaceutical companies like GSK, Emzor, Fidson, Neimeth, Orange Drugs,
amongst others will be granted Naira and FX funding facilities, to support
procurement of raw materials and equipment required to exponentially increase
local drug production in Nigeria. Other companies are Neimeth, Swiss
Pharma and Dana Pharma etc.
The
loan arrangements were part of the decisions taken by the Bankers Committee
comprising mainly CEOs of Nigerian banks after its meeting with the Central
Bank of Nigeria (CBN) Governor Mr. Godwin Emefiele.
The
meeting discussed the significant health and economic crisis caused by the
novel Coronavirus (COVID-19) which had resulted in escalating worldwide
infections, deaths, disruptions in global supply chains, travel restrictions
and turmoil in the international financial markets.
The
Committee further noted that the policy responses across governments and
central banks around the world including the CBN.
Part
of the resolution was an increased collaboration between the CBN and the
banking industry with a coherent strategy to provide confidence to customers,
counterparties, and the general public.
The
Committee resolved that profit will not be the primary motive at this time,
rather preserving confidence, financial stability and support for the economy
will be the present overriding objectives.
In
line with this thinking further engagements would be held with correspondents
banks, trade creditors, and trading partners, regarding existing letters of
credit (LC) and trade commitments.
The
industry is committed to resolving these commercial obligations in a
comprehensive and orderly way. It reassured the stakeholders of transparent and
open communication with all trading parties.
Also
looking at the disruption of the global supply chains, the Committee advised
Nigerians and companies to begin prioritizing their import needs and focus more
on sourcing raw materials and inputs locally.
The
committee noted the success of the CBN's 43 items policy and encouraged the strengthening
of measures targeted at export promotion and/or import substitution to position
Nigeria as a key global manufacturer.
It
also discussed the N3.5trn stimulus plan of the CBN to reduce the adverse
impact of the COVID-19 health pandemic on the local economy.
The Committee said top priority will be given to the local health industry.
Click Here to Download Bankers Committee Communique - March 21 2020 PDF Report
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