CBN To Give Airlines, Media House Palliative
There is high hope that Nigerian airlines and the media would recover quickly from the effect of COVID-19 as the Central Bank of Nigeria's Governor and Bankers Committee unanimously agreed to extend special facilities to the sectors to combat the effects of the coronavirus pandemic on their businesses.
Addressing the Banks' Chief Executives at the bi-monthly virtual meeting of the Bankers’ Committee, CBN Governor, Godwin Emefiele urged the banks to do all within their powers to support airlines in the country, saying that such support was critical to helping the industry recover from the economic crisis impacted by the COVID-19 pandemic.
Emefiele in his address urged the banks to support the Airline and media industries in Nigeria, to cope with the lingering pandemic, to avoid massive job losses in the industries and in the country at large.
The apex bank had initially announced the sum of N1.2 trillion intervention funds to support critical sectors of the economy, N1 trillion of which was to support the local manufacturing sector and to boost import substitution. 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 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.
The move by the CBN and the Bankers’ Committee might have provided an answer to the optimism expressed by the Nigeria Minister of Aviation, Hadi Sirika, who said the ministry has plans to allow Nigeria’s aviation sector to access palliatives from the Central Bank of Nigeria (CBN).
With the expected support, it won't take long before many Airlines and media houses in the country would recover from the effect of COVID-19 pandemic.
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