The whole world is fighting against novel coronavirus (COVID-19). This pandemic will change the course of economic development and international tread between countries. Countries across the world have rolled out palliative measures to stabilize their economies and provide the necessary support to their business communities. Nigeria, like other countries, has been adversely affected by this pandemic. The Government of Nigeria has taken steps to slow down the spread of the virus into the country.
The administration has taken steps to break the chain of COVID -19 spreading out like banning of public gathering of peoples, closure of borders, shutting down non-essential businesses and overseas travels are also banned. The Government announced welfare packages for citizens who are affected by the COVID-19.
In response to the economic slowdown, the Central Bank of Nigeria (CBN) has injected approximately $9.8 billion into the banking system, this includes $273 million to support the health sector, $5 billion to the manufacturing industry, and $3.5 billion to the real sector to impacted industries.
Nigeria has been severely hit by the global pandemic and by the sharp decline in oil prices globally. The Government has introduced various stimulus packages to support taxpayers and businesses in the country. The President has approved a fiscal stimulus package in the form of a COVID-19 intervention fund of approximately $1.4 billion.
NIRSAL (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) Microfinance Bank for households and small and medium-sized enterprises (SMEs) has established $129.5 million credit facility for the victim of Covid-19.
TG Arla Dairy Products LFTZ Enterprise, makers of Dano Milk, has announced its financial support to the Federal Government in combating the spread of the coronavirus pandemic. The company is committed to the health and well-being of Nigerians especially during this challenging period.
Nigerias Ekiti State signed a Memorandum of Understanding with a Dutch investment group, Villam Agric Ltd., on $14 million agric project. It helps to use the agriculture sector as a platform for the diversification of the state economy.