Other Economies

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 12,798.57
% of GDP (2019): 2.88%
% of Regional Total Package: N/A
Package Per Capita in USD: 63.69
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline
01A - Short-term lending info_outline
01B - Support policies for short-term lending info_outline
01C - Forex operations info_outline

(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.

02 - Credit creation info_outline
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline
02B1 - Interest rate adjustments

(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.

02B2 - Other policies to support long-term lending

(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.

02C - Loan guarantees
03 - Direct long-term lending info_outline
03A - Long-term lending info_outline
03B - Forbearance

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

04 - Equity support info_outline
05 - Health and income support NGN523,934,000,000 USD1,606,543,503
05A - Health support NGN23,934,000,000 USD73,389,038

(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.

05B - Income support
05B1 - Tax and contribution deferrals and policy changes
05B2 - Tax and contribution rates reduction
05B3 - Subsidies to individuals and households

(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.

05B4 - Subsidies to businesses
05B5 - Indirect income support
05B6 - No breakdown (income support)
05C - No breakdown (health and income support) NGN500,000,000,000 USD1,533,154,465

(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.

06 - Budget reallocation info_outline NGN1,500,000,000,000 USD4,599,463,396

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

07 - Central bank financing government
07A - Direct lending and reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received NGN1,840,708,202,500 USD5,644,180,000
08A - Swaps info_outline
08B - International loans/grants NGN1,840,708,202,500 USD5,644,180,000
08B1 - Asian Development Bank
08B2 - Other NGN1,840,708,202,500 USD5,644,180,000

(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; (ix) No amount/estimate: 5 March 2021, Nigeria received 4 million vaccine doses from the COVAX facility.

09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown NGN3,650,000,000,000 USD11,192,027,597

(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.

11 - Other Economic Measures

(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.

12 - Non-Economic Measures
12A - Measures affecting travel and transport (local and international)

(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.

12B - Measures affecting business and workplace

(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.

12C - Others

(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; (viii) 18 February 2021, The government has approved an emergency use authorization for the AstraZeneca vaccine.