The Central Bank of Nigeria on Wednesday announced a N1.1tn intervention fund to support critical sectors of the economy.
The CBN Governor, Mr Godwin Emefiele, said this in a statement made available to journalists on Wednesday.
The governor said out of the N1.1tn, about N1tn would be used to support the local manufacturing sector as well as boost import substitution.
He added that the balance of N100bn would be used to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent and produce vaccines and test kits in Nigeria.
Emefiele said the intervention became imperative following the coronavirus pandemic that had affected the global economy, adding that the N100bn would enable the country prepare for any major crisis ahead.
He said given the continuing impact of the disease on global supply chains, the CBN would increase its intervention in boosting the economy.
The governor, according to the statement, also directed all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries.