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[BREAKING] Coronavirus: CBN announces N1.1tn intervention fund
Following the Federal Government’s travel ban on 13 CoronaVirus affected countries, the Central Bank of Nigeria on Wednesday announced a N1.1tn intervention fund to support critical sectors of the economy that might be affected by the outbreak.
This decision was made public by the The CBN Governor, Mr Godwin Emefiele while speaking with journalists.
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In the statement, it was noted that out of the N1.1tn, about N1tn would be used to support the local manufacturing sector as well as boost import substitution.
Mr Emefiele added that the balance of N100bn would be used to support the Health Authorities to ensure laboratories, researchers and innovators work with global scientists to patent and produce vaccines and test kits in Nigeria
This, he said, was imperative following the Coronavirus pandemic, adding that the N100bn would enable the country prepare for any major crises ahead.
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