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Nigeria needs 120 bln naira for coronavirus battle, turns to private sector

Published 27/03/2020, 11:17
Nigeria needs 120 bln naira for coronavirus battle, turns to private sector

ABUJA, March 27 (Reuters) - Nigeria has appealed to private
companies to make voluntary contributions towards the 120
billion naira ($330 million) that the government says it needs
to fight the coronavirus epidemic.
"So far, the federal government has made giant strides in
the fight but it is clear that the private sector needs to step
in and support efforts already being made," Central Bank
Governor Godwin Emefiele said.
The crash in oil prices, which have fallen by nearly two
thirds this year due in large part to a coronavirus-induced
demand collapse, has seriously battered Nigeria's finances.
Finance Minister Zainab Ahmed this week pledged 6.5 billion
naira to the Nigeria Centre for Disease Control, and a further
10 billion naira for Lagos state, which has the bulk of the
nation's confirmed cases.
"To procure all needed equipment, material, and all
infrastructure needed to fight this pandemic, over N120b need to
be raised," Emefiele said.
He has launched a coalition to do so led by the Aliko
Dangote Foundation and Access Bank. It is already engaging state
oil company NNPC and other oil sector players to raise funds.
Bank UBA Group, led by Tony Elumelu, on Thursday pledged 1
billion naira to Nigeria as part of a broader 5 billion naira
coronavirus donation, and Emefiele said other prominent
Nigerians including Dangote and five others would ensure that
their organizations also contribute 1 billion naira each.
As of Friday, Nigeria had 65 coronavirus cases and one
death.
($1 = 361 naira)

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