COVID-19: How CBN want banks to support airlines, media

Tue, Aug 25, 2020

By editor

2 MIN READ

Nigerian registered airlines and the media houses will soon have cause to smile. The banks in Nigeria will soon offer special facilities to them to curb the adverse effect of corona virus, COVID, pandemic on their businesses.

Godwin Emefiele, governor, Central Bank of Nigeria, CBN, prompted the the Bankers’ Committee to unanimously agree to extend the special facilities to Nigerian-registered airlines and the media industry in Nigeria to enable them adequately address the negative impact of the corona virus (COVID-19) pandemic.

Emefiele told the bank chief executives officers at the bi-monthly virtual meeting of the Bankers’ Committee on Tuesday, August 25, 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.

Similarly, Emefiele urged the banks to support the efforts of the media industry in Nigeria, to cope with the lingering pandemic, in order to avoid massive job losses in the industry.

Realnews recalls that the CBN, in the advent of the corona virus in Nigeria, announced a N1.2 trillion intervention funds 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. The Bank, also in March 2020, unveiled 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.

Meanwhile, Tuesday’s move by the CBN and the Bankers’ Committee might just be an answer to the optimism expressed by Hadi Sirika, minister of aviation, who said the ministry was hopeful that businesses in Nigeria’s aviation sector would be given opportunity to access palliatives from the Central Bank of Nigeria, CBN.

With support expected for the media in Nigeria, many media house will be able to weather the storm generated by the corona virus pandemic. 

– Aug. 25, 2020 @ 10:24 GMT |