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UPDATE 1-Nigeria cenbank to inject 1 trln naira into coronavirus-hit economy

Published 18/03/2020, 18:35
UPDATE 1-Nigeria cenbank to inject 1 trln naira into coronavirus-hit economy

(Adds details, quotes)
By Camillus Eboh
ABUJA, March 18 (Reuters) - Nigeria's central bank will
inject 1 trillion naira ($3.27 billion) into local manufacturing
and import substitution to stimulate the economy, it said in a
statement on Wednesday.
Nigeria's economy, the largest in Africa, is stumbling as
the shockwaves of the coronavirus outbreak hit the country. It
is struggling for foreign income from oil production amid a
price crash caused by a decline in demand from China and a price
war between Saudi Arabia and Russia.
"Given the continuing impact of the disease on global supply
chains, (the bank) will increase its intervention in boosting
local manufacturing and import substitution," said Godwin
Emefiele, the central bank governor.
The bank is also offering 100 billion naira in loans to the
health sector, as Africa's most populous country announced its
eighth confirmed coronavirus case on Wednesday.
The health sector loan aims to "support the health
authorities to ensure laboratories, researchers and innovators
work with global scientists to patent and/or produce vaccines
and test kits in Nigeria to prepare for any major crises ahead,"
Emefiele said.
Earlier this week the central bank said it would create a
50 billion naira fund to combat the impact of the coronavirus
outbreak on the country. = 306.0000 naira)

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