THE Central Bank of Nigeria (CBN) has been commended for introducing a N50 billion stimulus package, the Targeted Credit Facility (TCF), which will enable micro, small and medium scale businesses affected by the devastating impact of the coronavirus disease, COVID-19 to access up to N25 million to help jumpstart their businesses.
The Chairman, Dome Entertainment, Dr. Obiora Okonkwo made the commendation Tuesday in a statement in Abuja, while noting that, “the ripple effects of this is immeasurable. I believe that this is what the time calls for because the state governments alone cannot rescue the economy.”
In the statement, Okonkwo noted that it is common for some businesses to falter and default on their bank loans during incidents like the coronavirus pandemic presently raging through the globe.
He stated that under such challenging situations, “it is imperative for banks and other lending institutions to do the needful by working with these businesses, where necessary, to reschedule their loan repayments in terms that are mutually beneficial.”
Okonkwo, a Venture Capitalist, stated that he was particularly urging “the banks and other lending entities to be a crucial bridge across troubled waters for these businesses as a way of building an enduring partnership with them long after the pandemic.”
Commending the CBN for introducing its N50 billion stimulus package, called Targeted Credit Facility (TCF), that will enable various businesses affected by the pandemic to access credit, he noted, that “the pandemic has indeed created for us yet another opportunity to rise to the challenge of being our brother’s keeper.”
According to him, the financing opening is also a window, according to CBN, for “enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.”
Okonkwo lamented the likely devastating impact the pandemic will leave on the nation’s economy at every level, and acknowledged that the effects of palliatives will be temporary and unsustainable in the long run, despite their salutary import.
“Supporting micro, small and medium scale businesses to rebound after the COVID-19 shock, is a more pragmatic and sustainable approach; this will help business owners to regain balance and rebuild their households,” he stated.