CBN Announces USD 128.1 Million Stimulus Package to Support COVID-19 Victims

The Central Bank of Nigeria (CBN) has announced a stimulus package to support the most affected households as well as micro, small and medium enterprises (MSMEs) due to the on-going COVID-19 pandemic.

Under this program USD 128.1 million (NGN 50 billion) will be provided as targeted credit facilities in the form of loans to all eligible applicants. Nigerian citizens have been encouraged to apply for these financing facilities through a dedicated website (https://nmfb.com.ng/covid-19-support/).

The process would involve submitting an application through the aforesaid website along with verifiable evidence of livelihoods/ business activity being adversely affected by COVID-19, which th...