Tuesday , December 7 2021
CBN Governor Emefiele

COVID-19: CBN Injects N1.1Trn Intervention Fund to Support Manufacturing, Health Sector



The Central Bank of Nigeria on Wednesday announced an N1.1tn intervention fund to support critical sectors of the economy. The CBN Governor, Godwin Emefiele said this in a statement made available to journalists.

The Governor in the statement said the 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 balance of N100bn would be used to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent and produce vaccines and test kits in Nigeria.

ALSO READ: Naira crashes, CBN kicks Against Devaluation 

Naira crashes, CBN kicks against devaluation

This, he said, was imperative following the Coronavirus pandemic, adding that the N100bn would enable the country to prepare for any major crises ahead.

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

He said, “First the CBN is directing all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries.

“In local drug manufacturing, in increased bed count in hospitals across Nigeria, in funding intensive care as well as in training, laboratory testing, equipment and R&D.

“In addition to the N50bn soft loans to small businesses already announced, the CBN will increase its intervention by another N100bn in loans this year to support health authorities.

“Secondly, given the continuing impact of the disease on global supply chains, the CBN will increase its intervention in boosting local manufacturing and import substitution by another N1tn across all critical sectors of the economy.”

He said the management of the CBN will meet with the Bankers Committee this Saturday at 10.00 am to work out the modalities for the intervention.

The N1.1tn intervention is coming about three days when the apex bank announced an N50bn facility for the Small and Medium Enterprises sector of the economy.


About Bukola Olanrewaju

Check Also

Stanbic IBTC Infrastructure Fund Invests In 20,000MT LPG Storage Facility

Stanbic IBTC Infrastructure Fund Invests in 20,000MT LPG Storage Facility

Stanbic IBTC Infrastructure Fund is delighted to announce its investment in the construction of a …

Leave a Reply

Your email address will not be published. Required fields are marked *