Nigerian Central Bank launches N50 billion stimulus package for households, MSMEs

In a bid to alleviate the impact of the coronavirus pandemic on the country, the Central Bank of Nigeria (CBN) has introduced the N50 billion Targeted Credit Facility (TCF), a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs)

The COVID-19 which disrupted global economy, forcing the Nigerian government to lock down the country’s commercial and political hubs- Lagos and Abuja with Ogun State for five weeks, caused over 42 per cent of Nigerians to lost their jobs, according to a National Bureau of Statistics survey.

The situation was worsened by the significant drop in oil prices and accelerating inflation because of the inactivity in many parts of the country.

Households with verifiable evidence of livelihood adversely impacted by COVID-19 are eligible to the stimulus package as well as MSMEs verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic.

The CBN has led the private sector in the country to form a coalition against the COVID-19 pandemic, raising billions of naira to support the fight.