CBN, private sector form committee against COVID-19 crisis

The Central Bank of Nigeria (CBN), in collaboration with the bankers’ committee and the private sector, led by Aliko Dangote Foundation and Access Bank, has announced the formation of the Nigerian Private Sector Coalition against COVID-19.

In a statement by the CBN, the coalition was created due to the urgent need to combat the unfolding COVID-19 crisis in Nigeria

Members of the group include: the CBN Governor, Godwin Emefiele, Aliko Dangote, Herbert Wigwe, Jim Ovia, Tony Elumelu, Segun Agbaje, Abdulsamad Rabiu and Femi Otedola.

Already, the coalition has set up four major groups comprising of steering, funding, operational and technical committee to oversee the leadership, funding, project management and data collection for the group.

The steering committee will be chaired by the Secretary to the Government of the Federation, Boss Mustapha, who currently chairs the Federal Government Committee on Covid-19.

The CBN explained that each member of the committee must ensure that their institution contribute at least N1 billion to this effort, adding that more members are allowed to become part of the committee as long as they are willing to contribute at least N1 billion.

Other objectives of the coalition are to mobilise private sector thought leadership and resources, increase general public awareness, education and buy-in, provide direct support to private and public healthcare ability to respond to the crisis as well as support government initiatives.

“As a follow up to the series of engagements and releases from the CBN in response to the impact of the covid-19 on the global and Nigeria economy, the CBN has, in the last few days began engaging Nigeria compatriot stakeholders in the private sector on how to provide support to the federal government in procuring equipment and materials to combat the menace of this unfortunate pandemic in Nigeria.

“Information gathered so far has revealed that to procure all needed equipment, material, and all infrastructure needed to fight this pandemic, over N120 billion need to be raised. The Bankers Committee and these important Stakeholders will be required to step up to support this endeavour.

“We are already engaging other important stakeholders in Nigeria and abroad, such as the NNPC and players in oil industry. An account will be set up at the Central Bank of Nigeria to receive both Naira and foreign currency from our donors.

“The Technical Committee will be providing information about the venue where equipment and materials will be received just for those who wish to donate materials and equipment. They have made commitment to provide funding, equipment and material as well.”

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