The Central Bank of Nigeria (CBN) on Wednesday announced a plan to raise its intervention in all critical sectors of the economy by another N1 trillion in response to the ravaging impact of the coronavirus pandemic.
The CBN governor, Godwin Emefiele, said the stimulus package will boost local manufacturing and import substitution in the economy as a way of providing succour to the people impacted by the deadly virus and also create more jobs.
The additional package is coming barely 48 hours after the apex bank unveiled a six-point palliative to ameliorate the continued impact of the coronavirus on the Nigerian economy and supply chains around the globe.
The latest package is in addition to about 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.
Mr Emefiele said the CBN will meet with the Bankers' Committee on Saturday, March 21, 2020, to work out the modalities of the interventions.
He said an implementation committee will be set-up next week to mobilize the private sector contribution of N1.5 trillion infrastructure funding which will link farming communities to markets as agreed at the recently concluded "Going for Growth" discussion last week.