The central bank of Nigeria has announced an intervention fund of 1.1 trillion naira to reduce the biting effects of the Coronavirus pandemic.
CBN governor, Godwin Emefiele made the announcement on Wednesday, days after announcing a 50 billion naira credit facility for small and medium enterprises.
In a statement released by the apex bank, 1 trillion naira will be used to support the local manufacturing sector as well as boost import substitution.
Mr Emefiele added that the balance of 100 million naira will be will be used to support health authorities to ensure that laboratories, researchers and innovators work with global scientist to patent and produce vaccines and test kits in Nigeria.
