The NIRSAL Micro Finance Bank (MFB) has managed to distribute up to N10.9 billion to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic as part of the recently introduced a stimulus package introduced by the Central Bank of Nigeria (CBN).
“Over 14,331 beneficiaries have received N10.9 billion out of the N50 billion Targeted Credit Facility for households and SMEs.
These measures, coupled with prior monetary and fiscal reforms, have kept the domestic economy resilient, blunting the effects of the coronavirus on economic activity,” according to Aishah Ahmad, a member of the Monetary Policy Committee (MPC) of the CBN.
Updates provided to the MPC in addition to the NIRSAL MFB also indicate disbursements of N10.15 billion from the N100 billion health sector intervention fund, and N93.2 billion under the N1trillion Real Sector Support Fund to boost local manufacturing.
To preserve these gains and forestall a recession, domestic productivity must be accelerated immediately, particularly as a number of countries contemplate broad export restrictions, according to Ahmad.
“Thus, stimulating the manufacturing sector is mission critical to support local consumption needs and reduce output gap to stem price developments. In addition, focused implementation of the revised 20202022 Medium Term Expenditure Framework should be prioritized,” she said.