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Emefiele Asks Banks to Assist Airlines and Media Firms

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Nigeria’s Central Bank Governor Godwin Emefiele has asked the Bankers’ Committee to extend special facilities to airlines and the media industry in Nigeria, to enable them adequately address the negative impact of the coronavirus (COVID-19) pandemic.

Addressing the Bank Chief Executives at the bi-monthly virtual meeting of the Bankers’ Committee on Tuesday, August 25, 2020, Mr Emefiele urged the banks to do all within their powers to support airlines in the country, noting that such support was critical to helping the industry recover from the economic crisis triggered by the COVID-19 pandemic.

Mr Emefiele also asked the banks to support the efforts of the media industry in Nigeria to prevent job cuts in the sector.

The CBN had earlier announced a N1.2 trillion intervention fund to support critical sectors of the economy, N1 trillion of which was to support local manufacturing sector and to boost import substitution. The remaining N100 billion of the intervention fund was to support the health sector in equipping laboratories and enhancing research to produce vaccines and test kits in Nigeria.

In March 2020, the central bank also published guidelines for the implementation of a N100 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises affected by the COVID-19 pandemic.

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