Coronavirus: CBN announces N1.1tn intervention fund

The Central Bank of Nigeria on Wednesday announced a N1.1tn 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 N1.1tn, about N1tn would be used to support the local manufacturing sector as well as boost import substitution.

He added that the balance of N100bn 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 N100bn would enable the country prepare for any major crises ahead.