The Central Bank of Nigeria (CBN) has announced that the apex bank would support critical sectors of the economy with N1.1 trillion intervention fund.
CBN Governor, Godwin Emefiele made the disclosure on Wednesday.
In a statement released by the CBN, Emefiele explained that out of the N1.1trillion, about N1trillion would be used to support the local manufacturing sector as well as boost import substitution.
The balance of N100 billion 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.
Emefiele said the measures were crucial following the Coronavirus pandemic.
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.”