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Coronavirus

Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy

CBN disbursed N3.5 trillion as stimulus packages to fight the effects of the pandemic on Nigeria’s economy.

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parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

The Central Bank of Nigeria (CBN) announced that it disbursed N3.5 trillion as stimulus packages to fight the effects of the pandemic on Nigeria’s economy.

This was disclosed by the CBN Governor, Mr Godwin Emefiele,  in the 32nd communique of the Monetary Policy Committee (MPC).

READ: CRR: Banks suffer N917.5 billion debits in latest CBN action

What you should know 

Nairametrics reported in March that the Central Bank of Nigeria and the bankers’ committee agreed to back a N3.5 trillion stimulus package for the Nigerian economy.

According to an excerpt from a communique seen by Nairametrics, “the Bankers’ Committee also gave its full support to the policy measures amounting to over N3.5 Trillion earlier announced by the CBN in response to the economic impact of the COVID-19 on Nigeria.”

READ: GTBank obtains approval-in-principle from CBN to operate as financial holding company

The CBN Governor said the packages were distributed in the areas of manufacturing, agriculture, electricity and gas, solar power and others.

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“Recent interventions are largely in the areas of manufacturing, agriculture, electricity and gas, solar power and housing constructions among others” he said.

“Real sector funds, (N216.87 billion); COVID-19 Targeted Credit Facility (TCF), (N73.69 billion); AGSMEIS, (N54.66 billion); Pharmaceutical and Health Care Support Fund, (N44.47 billion); and Creative Industry Financing Initiative (N2.93 billion).

READ: CBN discloses how much has been disbursed from N50 billion COVID-19 intervention fund

“Under the Real Sector Funds, a total of 87 projects that included 53 Manufacturing, 21 Agriculture and 13 Services projects were funded. In the Health Care sector, 41 projects which included 16 pharmaceuticals and 25 hospital and health care services are funded. Under the Targeted Credit Facility, 120,074 applicants have received financial support for investment capital.

“The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) intervention has been extended to a total of 14,638 applicants, while 250 SME businesses, predominantly the youths, have benefited from the Creative Industry Financing Initiative,’’

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READ: FG launches application for N75 billion Youth Investment Fund at 5% interest, how to apply

Emefiele added that the Central Bank would disburse the sum of N1.8 trillion of the total N2.3 trillion for the FG’s one-year Economic Sustainability Plan (ESP).

He also added that the CBN increased its loan portfolio to N19.33 trillion from N15.57 trillion between the periods of May 2019 to August 2020.

“This growth in credit was mainly to manufacturing (N866.27 billion), consumer credit (N527.65 billion), oil and gas (N477.65 billion), agriculture (N287.11 billion) and construction (N270.97 billion).”

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    Business

    Lagos eases restrictions on social, event centres, sets new occupancy limit

    The state government has pegged the occupancy limit for event centres in Lagos to 500 people while social events can now have 200 people at a time.

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    The Lagos state government has further eased restrictions on social and event centres in the state. This follows due consultations and deliberations between the Lagos State Governor, Babajide Sanow-Olu, and relevant stakeholders and MDAs.

    The state government has pegged the occupancy limit for event centres in Lagos to 500 people while social events can now have 200 people at a time.

    This disclosure is contained in a statement by the Lagos State Commissioner for Tourism, Arts and Culture, Uzamat Yusuff, and the Director-General of the Lagos State Safety Commission, Mr Lanre Mojola, on Friday, April 9, 2021.

    The statement noted that safety marshals will be deployed to any social event with over 200 people and event centre exceeding the 500 limits.

    READ: Lagos Govt seals Queens Park Event Centre, Oniru for contravening COVID-19 protocol

    The statement partly reads, “All event centres must hold a valid license of The Lagos State Ministry of Tourism, Arts and Culture prior to operating as an event centre in the State.

    “All event centres must be duly registered and verified on The Lagos State Safety Commission website www.lasgsafetyreg.com prior to holding any event.

    An Event Safety Clearance must be obtained from the Lagos State Safety Commission through the website www.lasgsafetyreg.com for any proposed event or exhibition.

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    Safety Marshals shall be deployed by an accredited event safety consultant from Lagos State Safety Commission for every social event with attendance exceeding over 200 people.

    READ: Lagos state government reacts to reopening of event centers, clarify guidelines

    Occupancy limit at any event must not exceed 50% of the maximum design capacity of the hall, wherein Occupancy Limit stickers provided by the Lagos State Safety Commission must be boldly posted at the entrance of the event hall.

    Maximum allowable capacity for event centres irrespective of the occupancy limit is 500 people. Deep cleaning must be carried out before and after every event. Physical distancing shall be maintained between seated guests and a maximum number of seated guests should be 6 (six) people on a table of 10 persons.

    Event duration should not exceed a maximum period of 6-hours. All guests and service providers at the facility must wear a nose mask and make use of hand sanitisers All guests and service providers must endeavour to wash their hands before entering the venue or in the alternative use hand sanitisers. Temperature checks must be taken at all entry points into a facility.

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    Guests and service providers with temperature (above 37.5) are to be politely turned back and referred to paramedics or the emergency response team on the ground. Hand sanitizers must be positioned at the entry points and different spots within the hall.

    All event centres must endeavour to display standard COVID-19 safety signs. The signs must be bold and installed at conspicuous locations. Event centre owners/ planners/vendors would be responsible for any breach of protocols by their staff.

    In case you missed it

    • It can be recalled that in July 2020, the Lagos State Government had issued fresh guidelines on the reopening of event and social centres following their shutdown as part of measures to contain the spread of the coronavirus pandemic.
    • The state government insisted that the owners of such facilities must register with the government pending further directives.

     

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    Business News

    Covid-19: FG discloses why it is pausing vaccinations soon in some states

    Minister of State for Health has disclosed why the FG may halt the vaccination process once 50% of the country’s proportion has been used up.

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    NPHCDA to address infrastructural gaps in COVID-19 vaccine supply, FG to focus on procurement of Covid-19 vaccine in first quarter 2021

    The Nigerian Government disclosed that it has ordered some states to pause their covid-19 vaccination drive once they have used up 50% of their proportions as Nigeria is not sure when it would receive the second batch of vaccines.

    This was disclosed by Minister of State for Health, Sen. Olorunnimbe Mamora, at the Presidential Task Force (PTF)  briefing on COVID-19, in Abuja on Tuesday.

    What the Minister is saying

    “We believe that in a situation where we still cannot specifically determine when the next batch of AstraZeneca vaccine will arrive, then I think wisdom dictates that it’s better for us to vaccinate people fully.

    “And so, we can say that we have a pool of citizens that have been fully vaccinated since this vaccination comes in two doses.

    READ: Nigeria, 8 other African countries receive Covid-19 vaccine from MTN

    “So that’s what gave rise to that directive, rather than just going ahead with just single dose when the full dose should be two doses of the same.

    “So we felt that it was proper for us in the circumstance to ensure that those who have been vaccinated have been fully vaccinated,” he disclosed.

    On vaccine side effects so far

    The Director-General of the Nigeria Center for Disease Control (NCDC), Dr Chikwe Ihekweazu, disclosed that the FG is monitoring cases of blood clots as reported in Europe, however, he asserted that Nigeria’s vaccination drive has been efficient so far.

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    “In Nigeria, with every vaccine, we have a parallel system to measure and to monitor any side effects,” he said.

    READ: UN says 26 countries in Africa have received 15 million vaccines

    “We will continue to monitor patients in Nigeria. You know, every demography is different, the demography in taking vaccines in every country is different, the interaction between different drugs people are taking. So there are many circumstances that need to be fully evaluated, we will look at the data ourselves here in Nigeria and I will take action as needed.

    “So I think, for now, we can be sure that we have an effective vaccination programme going on. And we’re very responsive to the concerns of Nigerians, I will respond to them as appropriate,” he added.

    What you should know: Nigeria had vaccinated 964,387  people as of Tuesday, 6th of April 2020, using up 48.0% of vaccinations, reported by the NPHCDA.

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