CBN Headquarters, Abuja, FCT

Beneficiaries receive N107.45bn COVID-19 intervention funds in Nigeria

Isola Moses | ConsumerConnect

The Central Bank of Nigeria’s (CBN) has disbursed not less than N107.45 billion from the N1.15 trillion COVID-19 pandemic intervention funds to beneficiaries in the last 90 days, data by the apex bank has indicated.

ConsumerConnect gathered the data indicated that close to 6,000 beneficiaries, comprising organisations and individuals had accessed the loans thus far.

It was further learnt that other CBN COVID-19 intervention funds include the N100 billion healthcare sector intervention fund, the N1 trillion intervention targeted at agriculture and manufacturing firms, and the N50 billion targeted credit facility for households and SME’s.

The disbursements showed that under the N100 billion healthcare sector intervention fund, the Bankers’ Bank has approved and disbursed N10.15 billion for some projects for the establishment of advanced diagnostic and health centres and the expansion of some pharmaceutical plants for essential drugs and intravenous fluids.

As regards the N1 trillion intervention in the agriculture and manufacturing companies, the CBN disbursed N93.2bn under the real sector support fund to boost local manufacturing and production across critical sectors.

The data indicated that it consists of over 44 Greenfield and Brownfield projects. The apex bank has also approved N10.9 billion to 14,331 beneficiaries under the N50 billion targeted credit facility for households and SMEs, out of which N4.1billion has been disbursed to 5,868 successful beneficiaries.

Recall that following the May 2020 Monetary Policy Committee (MPC) meeting, the Mr. Godwin Emefiele, Governor of CBN, said the apex bank would  enhance engagements with the participating banks “to encourage them to offer and disburse these funds to those priority sectors of the economy so as to stimulate aggregate demand and create more jobs.”

According to Emefiele, “the MPC expects that on the backdrop of the various stimulus packages and increased credit at lower interest rates, the impact of the COVID-19 pandemic would be relatively less severe than had earlier been expected and the reversal in growth deceleration would become more optimistic.”

It should be noted that sequel the shutting down of the economy to prevent the Coronavirus spread which has crippled businesses amid low crude oil prices, the CBN introduced the above intervention funds to help businesses survive and help health care companies’ to formulate a cure to the ravaging virus.

The decision to increase the CBN intervention is to boost local manufacturing and import substitution across all critical sectors of the economy, the Bank noted.

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