CBN, urges banks to support airlines, media industry

The Bankers’ Committee, led by Central Bank of Nigeria (CBN) on Tuesday unanimously agreed to extend special facilities to Nigerian-registered airlines and the media industry in to enable them adequately address the negative impact of the coronavirus (COVID-19) pandemic.

Also in order to boost export, CBN governor, Mr. Godwin Emefiele announced plans to hold a meeting with chief executive officers of multinational companies.

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.

Emefiele similarly 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.

CBN had in the advent of the coronavirus 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.

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