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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.

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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

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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).”

1 Comment

1 Comment

  1. Nwanguma Adaeze Doris

    November 28, 2020 at 11:07 am

    My COVID-19 loan application has been approved but since two weeks of approval I have not been paid. Please how to I go about it.

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Coronavirus

COVID-19 Update in Nigeria

On the 2nd of December 2020, 122 new confirmed cases and 1 death was recorded in Nigeria

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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 67,960 confirmed cases.

On the 2nd of December 2020, 122 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 7,101 samples across the country.

To date, 67,960 cases have been confirmed, 63,839 cases have been discharged and 1,177 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 2nd, 2020 compared to 756,237 tests a day earlier.

COVID-19 Case Updates- 2nd December 2020,

  • Total Number of Cases – 67,960
  • Total Number Discharged – 63,839
  • Total Deaths – 1,177
  • Total Tests Carried out – 779,708

According to the NCDC, the 122 new cases were reported from 11 states- Kaduna (37) Lagos (29 ), Plateau (25), Ekiti (9), Rivers (5), Ogun (5), Edo (4) Kwara (4), Bayelsa (2), Bauchi (1), and Kano (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,439, followed by Abuja (6,868), Plateau (3,902), Oyo (3,728), Kaduna (3,173), Rivers (3,001), Edo (2,703), Ogun (2,233), Delta (1,824), Kano (1,798), Ondo (1,728), Enugu (1,332),  Kwara (1,110), Ebonyi (1,055), Katsina (1,030), Osun (947), Gombe (938). Abia (926), Bauchi (774), and Borno (745).

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Imo State has recorded 677 cases, Benue (496), Nasarawa (493), Bayelsa (456),  Ekiti (374), 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.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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.

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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.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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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.

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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. The approval by UK Regulatory authorities makes the country the first to approve the vaccine in the world.

The emergency authorization clears the way for the rollout of the vaccine which had been certified to be 95% effective in preventing illness in the final analysis of phase 3 trial, from early next week.

READ: Covid-19: US FDA grants full approval to remdesivir as first vaccine to treat coronavirus

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.

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READ: S&P 500 futures suffer longest run of losses since February

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.

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READ: No foreign exchange for food and fertilizer importers – Buhari

What they are saying

The government in its statement said, “The government has today accepted the recommendation from the Independent Medicines and Healthcare Products Regulatory Agency (MHRA) to approve Pfizer-BioNTech’s COVID-19 vaccine for use.’’

A UK government spokesperson also 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.”

READ: Covid-19: First world nations oppose waiving intellectual rights for vaccine development

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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.

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Matt Hancock revealed that this is going to be one of the biggest civilian projects in history as 50 hospitals are preparing to administer the vaccine with 800,000 doses ready to be delivered from Belgium.

Hancock said, “I’m obviously absolutely thrilled with the news, very proud that the UK is the first place in the world to have a clinically authorized vaccine.’

READ: U.S biggest listed companies post best monthly gains since January 1987

The UK regulator said on Wednesday, that the Covid-19, met its strict standards of safety, quality and effectiveness.

The UK had earlier given hope that it was going to act swiftly in approving a vaccine and then put doctors across the country on standby for a possible rollout. This will also come as a relief to the British Prime Minister, Boris Johnson, who has been facing a series of criticisms over his handling of the pandemic that has killed almost 60,000 people in the UK.

The UK’s vaccine committee is expected to decide which priority groups will be given the shot first; care home residents, health and care staff, the elderly and people who are clinically extremely vulnerable will be first in line.

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

READ: Gold prices drop amid COVID-19 vaccine optimism

What you should know:

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Pfizer has earlier announced that the Covid-19 vaccine it is developing in collaboration with its German partner, BioNTech, was certified 95% effective in preventing illness, much higher than expected. The approval of the vaccine by UK regulator, ahead of US counterpart, who is set to meet on December 10, to decide on whether to recommend emergency use authorization, marks a historic moment in the fight against COVID-19.

The European Medicines Agency had disclosed that it could give emergency approval for the Pfizer vaccine by December 29.

China has already given emergency approval for 3 experimental vaccines and has immunized about 1 million people since July.

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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.

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

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%).

READ: COVID-19: Nigeria, Ghana and Cote d’Ivoire contribute 68.3% of confirmed cases in West Africa

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%.

(READ MORE: ECOWAS COVID-19: Nigeria drops to 7th position in recovery rate)

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  • 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.

READ: South Africa moves to become first African country to produce COVID-19 vaccine

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