Coronavirus: CBN Announces N1.1tn Intervention Fund To Boost Economy

The Central Bank of Nigeria on Wednesday announced a N1.1 trillion intervention fund to support critical sectors of the economy.

The CBN Governor, Mr Godwin Emefiele said this in a statement made available to journalists.

The governor in the statement said the out of the N1.1 trillion, about N1 trillion would be used to support the local manufacturing sector as well as boost import substitution.

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He added that the balance of N100 bn 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.

This, he said, was imperative following the Coronavirus pandemic, adding that the N100 billion would enable the country prepare for any major crises ahead.

26th October 2021
Nigerian Pantagraph
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