BY Oluseyi Awojulugbe
The Central Bank of Nigeria has unveiled a three-year COVID-19 economic stimulus plan to guide the economy on the path of recovery.
In a 27-paged document seen by TheCable on Tuesday, Godwin Emefiele, governor of the apex bank, said the outbreak is an opportunity for Nigeria to “look inwards as a nation and guarantee food security, high quality and affordable healthcare, and cutting-edge education” for citizens.
Quoting the global trade alert team at the University of St. Gallen in Switzerland, the apex bank said 75 countries have placed 102 restrictions on the export of critical medical supplies.
Emefiele said policies of the bank that have been termed protectionist are targeted at compelling “change in patterns of trade” for the greater good citizens.
He said the apex bank has already provided a combined stimulus package of N3.5 trillion to households, businesses, manufacturers and healthcare providers.
Other immediate-term policies listed by the bank in the policy document include the reduction of the interest rate of its intervention programmes to 5% from 9% and allowing financial institutions restructure loan terms for businesses affected by the outbreak.
The short-term policies listed by the apex bank includes:
Medium-term policies listed by the bank are:
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