COVID-19: CBN announces N1.1trn intervention fund

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CBN announces N1.1trn intervention fund

The Central Bank of Nigeria (CBN) has announced a N1.1trillion intervention fund to support critical sectors of the economy in view of the telling impact of the Coronavirus.

The CBN Governor, Mr Godwin Emefiele who announced this in a statement on Wednesday, said the out of the N1.1trillion, about N1trillion would be used to support the local manufacturing sector as well as boost import substitution.

The governor noted 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.

According to him, the intervention was imperative following the Coronavirus pandemic as it would enable the country prepare for any major crises ahead.

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Author: abokimallamfx