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COVID-19: CBN AnnouncesN1trn Import Substitution

CBN Plans to Recapitalize the Banking Sector Soon – Emefiele

By Tony Obiechina, Abuja

As the Coronavirus pandemic continues to ravage the global supply chains, the Central Bank of Nigeria (CBN), said that it will boost local manufacturing and import substitution by another N1trillion across all critical sectors of the economy.


CBN Governor,  Mr Godwin Emefiele who announced this in a statement he personally signed on Wednesday, said that the management of the Apex Bank would meet with the Bankers Committee to work out the modalities for the implementation.

He said that an Implementation Committee that will act on the private sector contribution of N1.5trillion Infrastructure funding that will link farming communities to markets as agreed at the Going for Growth Roundtable last week will be set-up next week. 

According to him, the CBN had set-up the Financial Markets Situation Room to monitor global markets and advise adequate response.

Emefiele said, “all Deposit Money Banks and other regulated entities in the banking industry are further advised to trigger their business continuity plans to ensure that their staff and families are protected, and their operations remain largely undisrupted”.

“Adhere strictly to the directives, advice, and notices from the Federal Ministry of Health, National Centre for Disease Control and other relevant government agencies on national response measures to COVID-19.

“Ensure regular and appropriate sanitization of their premises and make available in all their locations adequate sanitization materials. Discourage large gatherings of staff and customers.

“Ensure constant communication with and sensitization of their staff and families on the COVID-19 infection”.
The Governor added that “the CBN will continue to monitor all developments on the COVID – 19 infection and design appropriate Monetary response to protect the people and economy of the Federal Republic of Nigeria and indeed turn this adversity into opportunity”.
The Apex bank last week, hosted “The Going for Growth 2.0 Roundtable” at the CBN Headquarters in Abuja where it consulted with stakeholders on Nigeria’s Growth projections for Year 2020 and beyond. 

During the Roundtable, the Bank had considered many scenarios on the impact of COVID-19 disease on the Global and Nigerian Economy.

Also on Monday, the Bank had announced initial 6-point palliatives to ameliorate the impact of the disease on the economy. 

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