COVID-19: CBN to Inject N1trn Stimulus Across Critical Sectors of the Economy

Proshare

Wednesday, March 18, 2020 / 06:14 PM / By CBN / Header Image Credit: EcoGraphics

 

...Meets with Bank Chiefs on March 21

...Health sector to get additional N100b loan Boost

 

Two days after it unveiled a six-point palliative to ameliorate the continued impact of the corona virus on the Nigerian economy and supply chains round the globe, the Central Bank of Nigeria (CBN) has announced its decision to increase its intervention in boosting local manufacturing and import substitution by another N1trillion across all critical sectors of the economy.

 

Related Links:

  1. Coronanomics: Figuring Out CBN's Recent Policy Intervention
  2. CBN Policy Measures In Response to COVID-19 Outbreak and Spillovers

This is in addition to N100 billion in loan in 2020, to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent and or produce vaccines and test kits In Nigeria to prepare for any major crises ahead

 

The CBN Governor, Mr. Godwin Emefiele, stated this in Abuja on Wednesday, March 18, 2020, disclosing that the management of the CBN will meet with the Bankers' Committee on Saturday, March 21, 2020, to work out the modalities.

 

Mr. Emefiele also told newsmen that an Implementation Committee that will action the private sector contribution of N1.5trillion Infrastructure funding that will link farming communities to markets as agreed at the recently concluded "Going for Growth" Roundtable last week will be set-up next week. 

 

Given the plunge in the price of oil, which dropped to $25 per barrel on Wednesday with its attendant low accretion to oil revenue, the CBN Governor directed all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries to enhance local drug manufacturing, increased bed count in hospitals across Nigeria, in funding intensive care as well as in training, laboratory testing, equipment and Research & Development.

 

In addition to the N50 billion soft loans to small businesses announced on Monday, March 16, 2020, Emefiele said the CBN would also increase its intervention by another N100 billion in loan in 2020, to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent and or produce vaccines and test kits In Nigeria to prepare for any major crises ahead.

 

According to him, the Bank will release details of how the unveiled facilities would be accessed and released, adding that the CBN had also set-up the Financial Markets Situation Room to monitor global markets and advise the Bank on adequate response.

 

Meanwhile, Mr. Emefiele has advised all Deposit Money Banks and other regulated entities in the banking industry to trigger their business continuity plans to ensure that their staff and families are protected, and their operations remain largely undisrupted.

 

He further advised the banks to adhere strictly to the directives, advice, and notices from the Federal Ministry of Health, National Centre for Disease Control and other relevant government agencies on national response measures to COVID-19.

 

Related Links:

  1. Coronanomics: Figuring Out CBN's Recent Policy Intervention
  2. CBN Policy Measures In Response to COVID-19 Outbreak and Spillovers

 

As a way of checking possible spread of the virus, he urged the institutions to ensure regular and appropriate sanitization of their premises and make available in all their locations adequate sanitization materials and also to discourage large gatherings of staff and customers.

 

While pledging that the CBN will continue to monitor all developments on the COVID - 19 infection and design appropriate Monetary response to protect the people and economy of Nigeria, Emefiele urged that Nigerians take advantage of turning what appeared to be an adversity in the pandemic into an opportunity.


Proshare Nigeria Pvt. Ltd.

 

Related News - Nigeria Economy

  1. Nigeria's Economy Under Strain As Inflation Rate Rises
  2. Headline Inflation Increases By 12.20% YoY In February 2020; 0.07% Higher Than January 2020 Rate
  3. Global Shocks Alters Nigeria's Short Term Outlook - NOVA
  4. Facebook Collaborates with NCDC and WHO to Tackle Misinformation on Coronavirus
  5. Weekly Economic and Financial Commentary - Week Ended Mar 13, 2020
  6. FAAC Disburses N716.30bn in January 2020 - NBS
  7. Headline Inflation Rate to Increase to 12.37% in February 2020 from 12.13% Reported in January 2020
  8. CBN - Market Fundamentals Do Not Support Naira Devaluation at This Time
  9. COVID-19 and the Nigerian Economy: Backed to the Wall
  10. FAAC Disburses N2.93trn to FG in 2019 - NBS
  11. Nigerian Macroeconomic and Market Report - February 2020
  12. CBN Governor's Remarks at the "Going For Growth 2.0" Roundtable Session
  13. Total Value of Capital Imported in Q4 2019 Stood At $3,802.38m - NBS
  14. Inflation to Spike Again to 12.30%

 

Proshare Nigeria Pvt. Ltd.

 

Related News - #Coronavirus

  1. Coronanomics: ICIEC Pledges $150m In Insurance Coverage For OIC Members
  2. Coronanomics: Figuring Out CBN's Recent Policy Intervention
  3. Oil Price Plunge to Pressure US Energy States and Locals
  4. Coronavirus to Weaken Sovereign Fiscal Positions; Track Record Matters
  5. FG Restricts Entry Into Nigeria from 13 Countries; Suspends Issuance of Visa on Arrival
  6. UK Foreign Office Issues Travel Advice Against Non-Essential Travel Worldwide
  7. Fed Actions, US Banks Discount Window Use Prudent Amid Turmoil
  8. CBN Policy Measures In Response to COVID-19 Outbreak and Spillovers
  9. Coronavirus Containment Actions Pose Material Risk to Global Structured Finance
  10. Federal Reserve Cut Rates to Support the Flow of Credit to Households and Businesses
  11. World Bank Group Increases COVID-19 Response to $14bn To Help Sustain Economies, Protect Jobs
  12. There Is No Systemic Risk - Feedback From Goldman Sachs' Conference Call Held Sunday
  13. Coronavirus Containment Actions Pose Material Risk to Global Structured Finance
  14. Africa CDC Policy Recommendation for AU Meetings and Travel During COVID-19 Outbreak
  15. Africa CDC Guidance on Community Social Distancing During COVID-19 Outbreak
  16. COVID-19 and the Nigerian Economy: Backed to the Wall
  17. Coronanomics: Inside Nigeria's Stock Market Response
  18. Coronavirus: IsDB President Calls For Coordinated Efforts To Tackle Pandemic
  19. Coronavirus: FG to Review Budget as Oil Price Plunges
  20. Potential Impact of the Coronavirus Epidemic: What We Know and What We Can Do
  21. World Bank Group Announces Up to $12bn Immediate Support for COVID-19 Country Response
  22. China's Official Manufacturing Index Crashed from 50.0 to a Record Low of 35.7 In February 2020
  23. FG Inter-Ministerial Meeting Reviews Strategies On Containing Coronavirus
  24. Arbitrary Increase in Prices of Protective and Hygiene Products on Account of Coronavirus Concerns
  25. Coronanomics: Understanding The Darker Side of A Virus's Economic Downside
  26. Coronavirus: Establishing The Nexus Between A Bug and Global Equity Markets
  27. WHO Director-General's Opening Remarks at the Media Briefing on COVID-19
  28. First Case Of Coronavirus Confirmed In Lagos
  29. COVID-19 Refinancing Risk Elevated for 6% of Rated China Corps
  30. Global Ports Vulnerable to Coronavirus-Related Volume Declines
  31. The First Innovative Corporate Bond Supporting Anti-Epidemic Is Given The Green Light To Issue
  32. Coronavirus May Add to Liquidity Strain for Some APAC Corporates
  33. Coronavirus Set to Dampen China's Economic Growth
  34. What Coronavirus Means for Investors
  35. Coronavirus Raises Risks for China Toll Road Operators
  36. Coronavirus Could Push Global Oil Market into Surplus
  37. Airlines Face Growing Pressure From The Coronavirus
  38. Coronavirus' Severity Will Frame Effect on Corps, Sovereigns
  39. China Government Suspend Equity Market Trading to Prevent Sell-Off


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP