Last December when a strange virus was discovered in China killing people, little did anyone across the world know that it would end up spreading across the world infecting millions of people and claiming hundreds of thousands lives. No mortal has the idea that the virus would cripple the global economy and pushed the world into recession. Today, research institutes are working round the clock finding vaccine for covid-19 while the virus continues to claim lives on daily basis.
As at June 8, the total number of infected persons in Nigeria stood at 12,801 with 8,400 active cases, 361 deaths recorded and 4040 patients have been discharged. While the virus may be taking its toll on the economy, it has opened a new Vista, tilts our focus to another direction and slowed the fast moving world down.
The coronavirus pandemic has come to change the order of things, it is however important that Nigeria and Nigerians fall in into the brighter side of the new order facilitated by the pandemic. For instance, the Federal Government in order to ensure the economy is not badly hit by the impact of the covid-19 initiated various palliatives for Nigerians. The Central Bank of Nigeria (CBN) introduced a N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households, and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.
The CBN’s TCF is aimed at cushioning the adverse effects of covid-19 on households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic and also to stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, research and development.
With the TCF, households can access up to N3 million loan while SMEs can access up to about N25 million with annual interest rate of only 5 percent. IMPACT NEWS sees this move as a welcome impact that Nigerians must grab with both hands.
In addition, the Bankers Committee also pledged to make available N3.5 trillion to support pharmaceutical companies, assist critical health companies in purchasing raw materials, and encouraging local production of drugs. Economic stimulants like these are necessary to combat stunted economy.
In the health sector, the pandemic has exposed the rot and years of negligence due to lip service the government at all level have committed to the critical sector. Nigeria in spite being signatory to the Abuja Declaration in 2001 with other members of the African Union to appropriate nothing less than 15 percent of annual budget to health sector, close to two decades, Nigeria is yet to commit to declaration.
The challenge posed by the covid-19 pandemic which deprived the elites in the country of health tourism should be the springboard for government to renew its commitment to the healthcare system and focus on reviving the sector.
Also, home grown research and development should be encouraged. The CBN Governor, Godwin Emefiele, said the apex bank is developing framework under which grants and long term facilities will be provided to researchers, science institutions and biotechnology firms to develop the Nigerian vaccine to combat covid-19.
The covid-19 pandemic should be the turn of a new age for Nigeria to activate development of the economy and the health sector.
We encourage Nigerians to take advantage of the CBN TCF loan and contribute to ensure that Nigeria do not slide into another round of recession.
