COVID-19 Update: CBN, Private Sector Eye N120bn Special Fund

• Big names, Dangote, Ovia, Wigwe, Elumelu, Otedola, others boost Funding Committee

BY CHINYERE OBIORA, LAGOS – The Central Bank of Nigeria (CBN) is not relenting in its efforts to tackle the Coronavirus (COVID-19) pandemic in the country as it announced a N120 billion funding plans on Thursday

Accordingly, the Special Intervention Fund (SIF) package will be raised by the Nigerian Private Sector Coalition Against COVID-19 (NPSCAC-19) instituted by CBN on behalf of the Bankers’ Committee and in collaboration with Nigeria’s private sector, led by Aliko Dangote Foundation and Access Bank Plc.

The Funding Committee members are expected to, through their organisations, contribute about N1 billion each to the designated account that the apex bank is opening and making operational immediately.

Unveiling the new plan in Lagos, CBN Governor Godwin Emefiele, said the fund, to be raised within the next two weeks, would be deployed to procuring equipment and materials to combat the menace of COVID-19 pandemic in the country.

Emefiele, accompanied by Access Bank Group Managing Director, Herbert Wigwe said Nigeria must prepare for the worst with the COVID-19 outbreak, even as he disclosed that the Committee will be responsible for the initial funding of efforts to contain the spread of COVID-19.

He said the Steering Committee will be chaired by the Secretary to the Government of the Federation (SGF), Boss Mustapha, who currently heads the Federal Government Committee on Covid-19 Control.

The apex bank chief however stated that other members of the committee will soon be announced to enable them commence work immediately.

Aside the CBN governor, others listed as members of this special initiative are: business mogul and Africa’s richest man, Aliko Dangote; Access Bank Chief Executive Officer (CEO), Herbert Wigwe; Jim Ovia; Tony Elumelu; Femi Otedola; Segun Agbaje; and Abdulsamad Rabiu

Mr Emefiele, who hinted that N1 billion is expected as institutional support from Committee members for the initiative, said the Coalition is opened to those willing to contribute not less than one billion Naira to the Special Fund.

He also said the Coalition was set up based on the urgent need to combat the fasting spreading COVID-19 pandemic outbreak in the country.

“The rate at which the virus is spreading is unprecedented and it appears we are fighting our most lethal adversary to date. So far, the Federal Government has made giant strides in the fight, but it is clear that the private sector needs to step in and support efforts already being made.”

Emefiele said the CBN has in the last couple of days been engaging stakeholders in Nigeria’s private sector on how to support the Federal Government in procuring equipment and materials for combating the menace of Covid-19 pandemic in Nigeria.

He said the Coalition is primed to mobilise private sector leadership and resources; increase general public awareness, education and buy-in; and provide direct support to private and public healthcare to build response capacity to the crisis.

Already, the Coalition has created four major committees consisting of the Steering committee in charge of providing leadership in procuring all needed funding, equipment and materials to fight the pandemic.

On ground also is the operational committee responsible for project management, logistics, communication and advocacy. The committee has CBN, Aliko Dangote Foundation, Access Bank, Zenith Bank, GTBank, Stanbic IBTC, Ecobank, Fidelity Bank, Unity Bank and Nigerian Breweries Plc.

Mr Emefiele said gradual progression in the number of cases in Nigeria is giving the CBN concern that the figure may rise exponentially in the next two weeks.

For now, the Nigeria Centre for Disease Control (NCDC) puts the figure at 65 on Thursday night. Globally, the fatality rates indicate that China has recorded 3,287 deaths; Italy – 7,503; USA – 1,062; Spain – 4,145; with Nigeria recording only one death so far.