Other Economies

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 12,778.79
% of GDP (2019): 2.87%
% of Regional Total Package: N/A
Package Per Capita in USD: 65.24
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% [update]; (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: May 20, 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

(i) No amount/estimate: Reducing interest rates on all applicable CBN interventions from 9% to 5%; (ii) No amount/estimate: Strengthening of the loan-to-deposit ratio policy; (iii) No amount/estimate: Extended the deadlines for compliance with the revised minimum capital requirements for all categories of Microfinance Banks (MFBs) by one year; (iii) No amount/estimate: Lowered the policy rate from 13.5% to 12.5%; (iv) No amount/estimate: September 1, 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.

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 - Government support to income/revenue NGN517,484,000,000 USD1,586,765,811

(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; (ii) NGN984 million released to Nigeria’s Center for Disease Control (NCDC); (iii) Additional NGN6.5 billion for purchasing more testing kits, opening isolation centers and training medical personnel; (iv) NGN10 billion grant to Lagos State to increase its capacity to contain the outbreak; (iv) No amount/estimate: Import duty waivers for pharmaceutical firms; (v) No amount/estimate: Regulated fuel prices have been reduced; (ii) No amount/estimate: April 1, Suspension of the payment of the new electricity tariffs scheduled to commence on April 2; (vi) April 3, No amount/estimate: Nigerian banks prohibited from retrenching or laying off any staff of any cadre (both full-time and part-time); (vii) No amount/estimate: May 14, 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.

05A - Health
05B - Non-health
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 & reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received NGN1,269,989,452,500 USD3,894,180,000
08A - Swaps info_outline
08B - International loans/grants NGN1,269,989,452,500 USD3,894,180,000
08B1 - Asian Development Bank
08B2 - Other NGN1,269,989,452,500 USD3,894,180,000

(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 May 26, 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) June 5, 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) August 7, 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.

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) March 25, 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) March 27, 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.

12 - Non-Economic Measures

(i) Closure of airports, schools, universities, and other public places; (ii) March 30, Lockdown declared in Lagos, Abuja, and Ogun states; (iii) Flexible work arrangements encouraged in several states; (iv) Increased daily testing capacity to 2,500; (v) Release of inmates in correctional facilities to decongest prisons; (vi) May 4, Gradual easing of lockdown measures. However, new nationwide measures were introduced, including nighttime curfew, ban on non-essential inter-state passenger travel, partial and controlled interstate movement of goods and services, and mandatory use of face masks or coverings in public. On September 4, Nigeria transitioned into phase 3 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. More opening hours are allowed for parks and gardens but clubs and bars remain closed [update]; (vii) 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.