Coronavirus

Loan: CBN disburses over N300 billion to SMEs, health, agric, manufacturing sectors

The apex bank disbursed over N152.9 billion to the manufacturing sector to finance 61 manufacturing projects.

Published

4 months ago

July 21, 2020

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The Central Bank of Nigeria (CBN) has disbursed over N300 billion to operators in the Small and Medium Enterprises space, together with the Healthcare, Agriculture, and Manufacturing sectors, among others to cushion the effects of the Coronavirus pandemic on their businesses.

This was disclosed in the communique issued by the Monetary Policy Committee of the Central Bank of Nigeria, which was read by the Governor of the apex bank, Godwin Emefiele, on Monday. It is important to note that the CA-COVID Private sector intervention scheme and other sector-specific facilities are not included in the disbursed fund.

While recognising the supportive developmental roles of the CBN towards addressing some structural issues amid COVID-19, the committee disclosed that the apex bank has disbursed N49.19 billion out of the N50 billion Household and SME facility to over 92,000 beneficiaries since the facility was launched in April 2020.

Also, the apex bank disbursed over N152.9 billion to the manufacturing sector to finance 61 manufacturing projects and another N93.6 billion to the Healthcare sector, amongst many other sector-specific facilities.

He said, “The N100 billion healthcare and N1.0 trillion manufacturing and agricultural interventions meant to support the rebound in growth from the impacts of the pandemic on the economy is laudable.”

The Committee further commended the CBN coordinated CA-COVID – Private sector intervention scheme, which had mobilized over N32 billion to support the economy, lives and livelihoods. It was hopeful that upon further drawdown of the intervention facilities, the much-needed reset and rebound of the Nigerian economy would become a reality.

Domestic credit

Emefiele added that the aggregate domestic credit (net) grew by 5.16% in June 2020 compared with 7.47% in May 2020. According to him, the Committee commended the CBN Loan-to-Deposit Ratio (LDR) initiative to address the credit conundrum, as the total gross credit increased by N3.33 trillion from N15.56 trillion at end-May 2019 to N18.90 trillion at end-June 2020.

Explore research data on Nairalytics from Nairametrics

He attributed the development to manufacturing, consumer credit, general commerce, information & communication and agriculture, which are productive sectors of the economy.

Abiola Odutola

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

6 Comments

Nancy

July 21, 2020 at 11:17 am

The loan is good but CBN should make it lighter for the beneficiaries,double payment of VAT on imported equipments, and also the percentages paid to Vendors through the Narsal bank is just too much. At the end of the day the person doesn’t have enough capital to run the business.

Reply
Dayyabu lawan

July 22, 2020 at 10:52 am

Now I like this CBN loan how can I get it

Reply
Safuratu

July 22, 2020 at 11:21 pm

I wonder how some people got these loans. I applied severally but no where to be found!

Reply
Christian

July 22, 2020 at 11:42 pm

Please how can I access this CBN loan for farming and animal husbandry.I have 20 acres of land.Christian.

Reply
Bashir idris

July 23, 2020 at 1:51 pm

How I can get the loan. Please.? From CBN. Bashir

Reply
Anonymous

August 3, 2020 at 11:49 pm

How I can get the loan please from CBN Aliyu

Reply

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Coronavirus

OFFICIAL: UK Approves Covid-19 Vaccine made by Pfizer/BioNTech

The United Kingdom has approved Covid-19 Vaccine produced by Pfizer/BioNTech and will start distributing from next week.

Published

2 mins ago

December 2, 2020

Chike Olisah

The United Kingdom has approved Covid-19 Vaccine produced by Pfizer/BioNTech and will start distributing from next week. The approval by UK Regulatory authorities makes the country the first to approve the vaccine in the world.

The Vaccine is given in two shots (doses).

According to reports monitored by Nairametrics, the vaccine will be administered firstly to medical workers and home caregivers, frontline health workers, those aged 80 and above before being made available to the general public.

The vaccine was made by German company BioNTech in conjunction with US Pharmaceutical giant Pfizer and is said to be 95% effective in preventing the disease. This is after it was tested on over 43, 000 people in the mandatory phase 3 trials.

The US Food and Drug Administration is currently reviewing the vaccine and could also approve its usage later in the month.

What they are saying

A UK government spokesperson said:

“The vaccine will be made available across the UK from next week. The NHS has decades of experience in delivering large scale vaccination programmes and will begin putting their extensive preparations into action to provide care and support to all those eligible for vaccination.”

“I’m confident now, with the news today, that from spring — from Easter onwards — things are going to be better. We’re going to have a summer next year that everybody can enjoy.” Matt Hancock, UK health secretary.

The United Kingdom is said to have ordered over 357 million doses from seven manufacturers.

More to follow…

Coronavirus

COVID-19: Nigeria, 4 others contribute 77.6% of cumulative confirmed cases in Sub-Saharan Africa

South Africa, Ethiopia, Kenya, Nigeria, and Ghana have contributed 77.6% of cumulative confirmed COVID-19 cases in Sub-Saharan Africa.

Published

3 hours ago

December 2, 2020

Johnson Uche

The latest COVID-19 daily update report as of November 28th, 2020 shows that there are cumulative confirmed cases of 1,411,393 in Sub-Saharan Africa.

Out of the growing number, South Africa, Ethiopia, Kenya, Nigeria, and Ghana top the list with a total of 1,095,410 confirmed cases, representing 77.6% whilst the other 41 member-countries of the sub-region contributed 22.4%.

According to the report, South Africa tops the list with a cumulative confirmed case of 785,153 (55.6%), followed by Ethiopia 109,247 (7.7%), Kenya 82,605 (5.9%), Nigeria 67,330 (4.8%), and Ghana 51,075 (3.6%).

What you should know

There are 55 countries in Africa out of which 46 countries are from the sub-Saharan African region.
There are cumulative confirmed cases of 2,137,871 and deaths of 51,248, CFR(Case fatality rate) of 2.4%.
In Sub-Saharan Africa, there are cumulative confirmed cases of 1,411,393 and deaths of 31,342, CFR of 2.2%.

The Sub-Saharan Africa cumulative confirmed cases and deaths represent 66% and 61.2% of entire Africa’s figure respectively.
Chad with 6.1% topped the list on CFR, followed by Liberia with 5.2% and Sao Tome & Principe 4.8% with the least coming from Eritrea 0%, followed by Burundi 0.1%.
5 countries contributed to 84% of deaths in the region and they are South Africa, Ethiopia, Kenya, Nigeria, and Cameroon.
South Africa tops the list of cumulative deaths with 21,439 (68%), followed by Ethiopia 1,701 (5.4%), Kenya 1,445 (4.67%), Nigeria 1,173 (3.7%), and Cameroon 462 (1.5%).
The least in the cumulative confirmed case comes from Eritrea with 577 followed by Burundi 684 as well as in the least cumulative death of 0 for Eritrea and 1 for Burundi.

Coronavirus

COVID-19 Update in Nigeria

On the 1st of December 2020, 281 new confirmed cases and 3 deaths were recorded in Nigeria

Published

10 hours ago

December 2, 2020

Samuel Oyekanmi

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 67,838 confirmed cases.

On the 1st of December 2020, 281 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 7,101 samples across the country.

To date, 67,838 cases have been confirmed, 63,430 cases have been discharged and 1,176 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 779,708 tests have been carried out as of December 1st, 2020 compared to 756,237 tests a day earlier.

COVID-19 Case Updates- 1st December 2020,

Total Number of Cases – 67,838
Total Number Discharged – 63,430
Total Deaths – 1,176
Total Tests Carried out – 779,708

According to the NCDC, the 281 new cases were reported from 13 states- Lagos (123), FCT (64), Kaduna (38), Imo (15), Rivers (11), Plateau (8), Ogun (5), Bayelsa (4), Kwara (4), Bauchi (3), Edo (3), Kano (2) and Osun (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,410, followed by Abuja (6,868), Plateau (3,877), Oyo (3,728), Kaduna (3,136), Rivers (2,996), Edo (2,699), Ogun (2,228), Delta (1,824), Kano (1,797), Ondo (1,728), Enugu (1,332), Kwara (1,106), Ebonyi (1,055), Katsina (1,030), Osun (947), Gombe (938). Abia (926), Bauchi (773), and Borno (745).

Imo State has recorded 677 cases, Benue (496), Nasarawa (493), Bayelsa (454), Ekiti (365), Akwa Ibom (339), Jigawa (331), Niger (298), Anambra (285), Adamawa (261), Sokoto (166), Taraba (163), Yobe (100), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.