By our reporter| The Central Bank of Nigeria (CBN) on Wednesday said it will boost its economic intervention activities by injecting N1.1 trillion into the economy to cushion the impact of the coronavirus on global supply chains.
In a statement signed by the apex bank’s boss, he explained that the bank would increase its intervention in boosting local manufacturing for import substitution by another N1 trillion across all critical sectors of the economy.
According to Emefiele, the management of the CBN would meet with the banker’s committee to work out the modalities on Saturday.
The CBN boss added that the sum of N100 billion will be added to the N50 billion soft loans to small businesses already announced on Monday.
The fund, he said, would be used to support health facilities 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.
He equally directed all deposit money banks in the country to increase their support to the pharmaceutical and healthcare industry.
He said an implementation committee would be set up to action the private sector’s contribution of N1.5 trillion for infrastructure funding to link farming communities to markets as banks and other regulated entities in the banking sector were advised to “trigger their business continuity plans” to ensure that their staff and families are protected.
Emefiele also called on banks to adhere strictly to the directives, advice, and notices from the ministry of health, National Centre for Disease Control and other relevant government agencies on national response measures to COVID-19.
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