CBN To Support Airlines, Media With COVID-19 Palliatives
In a move to extend its special facilities, the Central Bank of Nigeria, CBN and the Bankers’ Committee have agreed to support Nigerian-registered airlines and the media industry in Nigeria.
The Bank noted that the agreement, which was prompted by its Governor, Godwin Emefiele is aimed at enabling both industries to address the adverse impact of the COVID-19 pandemic.
While addressing banks’ chief executives at the bi-monthly virtual meeting of the Bankers’ Committee, the CBN boss said such support was critical to helping the industry recover from the economic crisis triggered by the Coronavirus pandemic.
Also, in a statement issued by the Principal Manager, Corporate Communications Department, Olalekan Ajayi, the CBN governor urged the banks to support the efforts of the media industry to cope with the lingering pandemic and avoid massive job losses.
Earlier, the CBN had provided 1 trillion naira to support the local manufacturing sector and to boost import substitution.
It also provided 100 billion naira to support the health sector in equipping laboratories and enhancing research to produce vaccines and test kits in Nigeria.
Meanwhile, the CBN had in March unveiled guidelines for the implementation of an N100bn Targeted Credit Facility as a stimulus package to support micro, small and medium enterprises affected by the pandemic.
You will recall that the Minister of Aviation, Hadi Sirika had earlier expressed optimism that Nigeria’s aviation sector would be allowed to access palliatives from the CBN.