16 March 2020 – N50 Billion stimulus package to support households and MSMEs

Type of Intervention: Financial and Economic
Sectors Involved: Finance/Economy, Private Sector and Businesses, Supply Chains
Level of Jurisdiction: National
Lead People/Agency: Central Bank of Nigeria

Overview: The Creation of a N50 billion naira Targeted Credit Facility (TCF). The policy was created as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.
Full details here: https://www.cbn.gov.ng/Out/2020/FPRD/N50%20Billion%20Combined.pdf

Type of Justification: Advice of INTERNAL government advisory committee or group, Learning from other jurisdictions
Source of Evidence or Justification: National – government
Evidence/Justification: Further to the CBN Governors press release of March 16 2020, the stimulus package would cushion the adverse effects of COVID-19 on households and MSMEs, support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic and Stimulate credit to MSMEs to expand their productive capacity through
equipment upgrade, and research and development.