Central Bank of Nigeria (CBN) has announced that N1.1 trillion naira will be injected into the economy to fight Coronavirus in the nation.
The announcement was contained in a signed statement from Godwin Emefiele, CBN Governor who said bulk of the money, N1 trillion will be used in funding intensive research and training in order to contain the pandemic.
“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.
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“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.”
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