*The Central Bank of Nigeria discloses it has disbursed about N3trillion in loans to households, Micro, Small and Medium Enterprises, smallholder farmers, pharmaceuticals and health institutions during the Coronavirus pandemic in the country

Isola Moses | ConsumerConnect

As a cushioning measure to minimise the disruptive of impact of the novel Coronavirus (COVID-19) pandemic in the country, the Central Bank of Nigeria (CBN) has disclosed that it disbursed about N3trillion to families, farmers, and companies.

ConsumerConnect reports Mr. Godwin Emefiele, Governor of CBN, stated this during an interview with Arise TV at the 2021 Intra-African Trade Fair, in Durban, South Africa.

As regards the rationale the Bankers’ Bank acted in this regard amid the damaging pandemic, Mr. Emefiele disclosed the CBN had been playing complementary roles for the benefits of Nigerian consumers and businesses.

He noted in the interview: “Between 2020 and now, our data shows that we have disbursed at least N2trillion, almost N3trillion in loans to households, Micro, Small and Medium Enterprises, smallholder farmers, pharmaceuticals and health institutions.”

Large agricultural companies and manufacturing companies are also accessing 10-year loan with two-year moratorium and single-digit rate, the CBN Governor stated.

Emefiele also recalled that at the time Coronavirus struck in Nigeria early 2020, President Muhammadu Buhari had tasked him and Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, to work together and suggest an immediate response to the damaging pandemic.

He added that President Buhari subsequently, approved the establishment of the Economic Sustainability Programme (ESP), chaired by Vice-President (Prof.) Yemi Osinbajo.

The CBN Chief further said: “The Central Bank played an active part to the extent that the fiscal authorities meant to contribute N500billion and monetary authorities provided almost about N1.5trillion.

“This is not as grant but as loans to support people who were impacted by COVID-19, so they can get their businesses back.”