Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Nigeria 01 01 - Liquidity Support NGN
Nigeria 01A 01A - Short-term lending NGN
Nigeria 01B 01B - Support policies for short-term lending NGN
Nigeria 01C 01C - Forex operations NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 17 September 2020). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html (accessed 4 May 2020)

(i) No amount/estimate: Since the beginning of the crisis, the official exchange rate has been devalued by 24%; (ii) No amount/estimate: Improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation; (iii) No amount/estimate: 20 May 2020, While I&E window turnover has been low since April, the CBN has resumed FX supply in some of the other windows.

Nigeria 02 02 - Credit creation NGN
Nigeria 02A 02A - Financial sector lending/funding NGN
Nigeria 02B 02B - Support policies for long-term lending NGN
Nigeria 02B1 02B1 - Interest rate adjustments NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 4 May 2020). Central Bank of Nigeria. https://www.cbn.gov.ng/Out/2020/CCD/Letter%20to%20All%20Banks%20on%20Interest%20Rate%20on%20Savings%20Sept%202020.pdf (accessed 4 September 2020). Premium Times NG. https://www.premiumtimesng.com/news/headlines/416378-cbn-cuts-lending-rate-to-11-5-amid-looming-recession.html (accessed 25 September 2020)

(i) No amount/estimate: Reducing interest rates on all applicable CBN interventions from 9% to 5%; (ii) No amount/estimate: Lowered the policy rate from 13.5% to 12.5%. As of 22 September 2020, this has been further reduced to 11.5%. The symmetric corridor has also been adjusted to +100 and -700 basis points; (iv) No amount/estimate: 1 September 2020, Announced to all deposit money banks that the interest rate on local currency savings deposits shall be negotiable subject to a minimum of 10% per annum of the Monetary Policy Rate.

Nigeria 02B2 02B2 - Other policies to support long-term lending NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 4 May 2020). Central Bank of Nigeria. https://www.cbn.gov.ng/Out/2020/CCD/Letter%20to%20All%20Banks%20on%20Interest%20Rate%20on%20Savings%20Sept%202020.pdf (accessed 4 September 2020). Premium Times NG. https://www.premiumtimesng.com/news/headlines/416378-cbn-cuts-lending-rate-to-11-5-amid-looming-recession.html (accessed 25 September 2020)

(i) No amount/estimate: Strengthening of the loan-to-deposit ratio policy; (ii) No amount/estimate: Extended the deadlines for compliance with the revised minimum capital requirements for all categories of Microfinance Banks (MFBs) by one year.

Nigeria 02C 02C - Loan guarantees NGN
Nigeria 03 03 - Direct long-term lending NGN
Nigeria 03A 03A - Long-term lending NGN
Nigeria 03B 03B - Forbearance NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 4 May 2020). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html (accessed 4 May 2020).

(i) No amount/estimate: Restructured loans in impacted sectors; (ii) No amount/estimate: 1-year extension of a moratorium on principal repayments.

Nigeria 04 04 - Equity support NGN
Nigeria 05 05 - Health and income support NGN 523,934,000,000 1,606,543,503
Nigeria 05A 05A - Health support NGN 23,934,000,000 73,389,038 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 14 May 2020). CNN. https://edition.cnn.com/2021/01/22/africa/nigeria-oxygen-plants-covid-intl/index.html (accessed 28 January 2021)

(i) NGN984 million released to Nigeria’s Center for Disease Control (NCDC); (ii) Additional NGN6.5 billion for purchasing more testing kits, opening isolation centers and training medical personnel; (iii) NGN10 billion grant to Lagos State to increase its capacity to contain the outbreak; (iv) 22 January 2021, NGN6.45 billion to set up oxygen production plants in 38 sites to help treat COVID-19 patients as authorities contend with a sharp rise in cases.

Nigeria 05B 05B - Income support NGN
Nigeria 05B1 05B1 - Tax and contribution deferrals and policy changes NGN
Nigeria 05B2 05B2 - Tax and contribution rates reduction NGN
Nigeria 05B3 05B3 - Subsidies to individuals and households NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 14 May 2020).

(i) No amount/estimate: 1 April 2020, Suspension of the payment of the new electricity tariffs scheduled to commence on 2 April; (ii) 3 April 2020, No amount/estimate: Nigerian banks prohibited from retrenching or laying off any staff of any cadre (both full-time and part-time); (iii) No amount/estimate: 14 May 2020, The President also ordered an increase of the social register by 1 million households to 3.6 million to help cushion the effect of the lockdown.

Nigeria 05B4 05B4 - Subsidies to businesses NGN
Nigeria 05B5 05B5 - Indirect income support NGN
Nigeria 05B6 05B6 - No breakdown (income support) NGN
Nigeria 05C 05C - No breakdown (health and income support) NGN 500,000,000,000 1,533,154,465 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 14 May 2020).

(i) NGN500 billion of approved fiscal stimulus to support healthcare facilities, provide relief for taxpayers, and incentivize employers to retain and recruit staff during the downturn.

Nigeria 06 06 - Budget reallocation NGN 1,500,000,000,000 4,599,463,396 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 4 May 2020).

NGN1.5 trillion worth of cuts/delays in non-essential capital spending to free up more funds to combat the pandemic.

Nigeria 07 07 - Central bank financing government NGN
Nigeria 07A 07A - Direct lending and reserve drawdown NGN
Nigeria 07B 07B - Secondary purchase: government securities NGN
Nigeria 08 08 - International Assistance Received NGN 1,840,708,202,500 5,644,180,000
Nigeria 08A 08A - Swaps NGN
Nigeria 08B 08B - International loans/grants NGN 1,840,708,202,500 5,644,180,000
Nigeria 08B1 08B1 - Asian Development Bank NGN
Nigeria 08B2 08B2 - Other NGN 1,840,708,202,500 5,644,180,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 4 May 2020). AfDB. https://www.afdb.org/en/news-and-events/press-releases/african-development-bank-approves-2885-million-nigeria-covid-19-response-support-program-35993 (accessed 11 June 2020). World Bank. https://www.worldbank.org/en/news/press-release/2020/08/07/nigeria-to-boost-states-capacity-for-covid-19-response (accessed 14 August 2020). All Africa. https://allafrica.com/stories/202011110076.html (accessed 12 November 2020). World Bank. https://www.worldbank.org/en/news/press-release/2020/12/15/world-bank-group-to-boost-nigerias-efforts-to-reduce-poverty (accessed 7 January 2021)

(i) USD50 million grant from the European Union; (ii) USD3.4 billion (100% of quota) approved under the IMF's Rapid Financing Instrument; (iii) Pending requests of USD2.5 billion from the World Bank and USD1 billion from the African Development Bank; (iv) As of 26 May 2020, USD41.4 million in assistance, which includes more than USD3.3 million for health assistance and USD34 million in IDA humanitarian funding for risk-communications, water and sanitation, infection-prevention, and coordination; and nearly USD4.1 million in MRA humanitarian assistance for vulnerable people; (v) 5 June 2020, USD288.5 million loan from the African Development Bank to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people and businesses; (vi) 7 August 2020, USD114.28 million from the World Bank to help Nigeria prevent, detect and respond to the threat posed by COVID-19 with a specific focus on state level responses. USD100 million is a loan from the International Development Association (IDA) and the balance a grant from the Pandemic Emergency Financing Facility; (vii) 11 November 2020, USD250 million from the UN Plus Offer for Socio-economic Recovery; (viii) 15 December 2020, USD1.5 billion from the World Bank for social protection and strengthened state-level COVID-19 response to help build a resilient recovery post-COVID-19.

Nigeria 09 09 - International Assistance Provided NGN
Nigeria 09A 09A - Swaps NGN
Nigeria 09B 09B - International loans/grants NGN
Nigeria 10 10 - No breakdown NGN 3,650,000,000,000 11,192,027,597 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 4 May 2020). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html (accessed 4 May 2020).

(i) Central Bank of Nigeria provided liquidity of: (a) NGN100 billion to the health sector, (b) NGN2 trillion to the manufacturing sector, and (c) NGN1.5 trillion to other impacted industries; (ii) NRG50 billion of loans to support the country's economy, targeted at households and micro and small enterprises. These belong in Measures 1A and 3A.

Nigeria 11 11 - Other Economic Measures NGN OECD. oecd.org/coronavirus/en/ (accessed 4 May 2020)

(i) 25 March 2020, The Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) announced the grant of a 60-day extension to issuers and dealing members for filing of 2019 full year financial reports; (ii) 27 March 2020, Minister of Industry, Trade and Investment directed to work with the Manufacturers Association of Nigeria (MAN) to ensure that production of essential items such as food, medical and pharmaceutical products continues; (iii) No amount/estimate: Import duty waivers for pharmaceutical firms; (iv) No amount/estimate: Regulated fuel prices have been reduced.

Nigeria 12 12 - Non-Economic Measures NGN
Nigeria 12A 12A - Measures affecting travel and transport (local and international) NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 15 January 2021). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html (accessed 4 May 2020).

(i) 30 March 2020, Lockdown declared in Lagos, Abuja, and Ogun states; (ii) 4 May 2020, Gradual easing of lockdown measures. However, new nationwide measures were introduced, including ban on non-essential inter-state passenger travel as well as partial and controlled interstate movement of goods and services; (iii) 23 December 2020, Public servants have been ordered to stay at home for 5 weeks and await further directives.

Nigeria 12B 12B - Measures affecting business and workplace NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 15 January 2021). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html (accessed 4 May 2020).

(i) On 4 September 2020, Nigeria relaxed measures for a period of four weeks. More opening hours are allowed for parks and gardens but clubs and bars remain closed.

Nigeria 12C 12C - Others NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 17 September 2020). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html (accessed 4 May 2020).

(i) Closure of airports, schools, universities, and other public places; (ii) 30 March 2020, Lockdown declared in Lagos, Abuja, and Ogun states; (iii) 4 May 2020, Gradual easing of lockdown measures. However, new nationwide measures were introduced, including nighttime curfew, and mandatory use of face masks or coverings in public. Flexible work arrangements encouraged in several states; (ii) Increased daily testing capacity to 2,500; (iv) Release of inmates in correctional facilities to decongest prisons; (v) NCDC launched a WhatsApp APL, a free-to-use service to provide a central source of accurate, verified and current information on COVID-19 in Nigeria; (vi) On 4 September 2020, For a period of four weeks, night curfew has been reduced to 12am – 4am. Groups of up to 50 people are allowed to attend parties and gathering ; (vii) 23 December 2020, Public servants have been ordered to stay at home for 5 weeks and await further directives. Schools are expected to resume January 18 after being shut down again.