Emefiele to meet with CEOs of multinational companies in Nigeria
On the prompting of the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, the Bankers’ Committee unanimously agreed to extend special facilities to Nigerian-registered airlines and the media industry in Nigeria, to enable them adequately address the negative impact of the coronavirus (COVID-19) pandemic.
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.
Similarly, Mr. 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.
It will be recalled that the CBN, in the advent of the coronavirus in Nigeria, announced an 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 the Minister of Aviation, Hadi Sirika, who said the ministry was hopeful that businesses in Nigeria’s aviation sector would be given the 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 coronavirus pandemic.
Emefiele, also during the meeting, disclosed plans to meet the Chief Executives of multinational companies in Nigeria, to discuss the revamp of Nigerian exports.
The CBN governor said that the bank was ready to encourage the revamp of Nigeria’s export sector through deliberate policies that would boost investment and job creation. While decrying the situation where much of Nigerian produce of export quality was waiting to be tapped, Emefiele said the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, would ensure the facilitation of a reboot of the Nigerian export market.
Alluding to President Muhammadu Buhari’s charge for Nigerians to produce what they eat and eat what they produce, the CBN Governor reiterated that the country had no choice but to diversify its economic base away from heavy reliance on crude oil. The meeting is expected to come up with a roadmap on how best to revitalize the export sector in order to earn foreign exchange for the country,as well as generate jobs for millions of Nigerians. It would be recalled that the Emefiele had earlier initiated a campaign tagged ‘Produce, Add Value and Export’ (PAVE), especially for the agricultural produce.
