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.
To minimise the impact of COVID-19, the Central Bank of Nigeria (CBN) is planning to establish a $40 billion InfraCo fund, an independently managed fund, expected to be rolled out within the next one year to boost infrastructure development. The fund will be utilised to support the Federal Government in building the transport infrastructure required to move agriculture products to processors, raw materials to factories, and finished goods to markets. The fund will help to develop world-class transportation infrastructure.
The Shell Petroleum Development Company of Nigeria Limited (SPDC) has resumed its oil exports from the Forcados Oil Export Terminal.