COVID-19 presents an opportunity for Nigeria to reset its economy, says Osinbajo

COVID-19 presents an opportunity for Nigeria to reset its economy, says Osinbajo

- Nigeria's Vice President Yemi Osinbajo said the country has been presented an opportunity to reset its economy

- Osinbajo revealed this during a virtual media conference on Thursday, May 14, where the Nigeria Solidarity Support Fund was established

- The vice president described the initiative as a forward-looking response to the challenge facing Nigeria due to COVID-19

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A report by ThisDay indicates that Vice President Yemi Osinbajo said Nigeria has been presented an unprecedented opportunity to reset critical sectors of its economy as a result of the COVID-19 pandemic.

Osinbajo revealed this during a virtual media conference on Thursday, May 14, where the Global Citizen, announced a collaboration with the Nigeria Sovereign Investment Authority (NSIA) to establish the Nigeria Solidarity Support Fund.

According to the organizers of the media conference, the initiative is targeted at mobilizing Nigerians both at home and abroad to support the nation’s fight against the pandemic.

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Though the amount the fund will be targeting was not announced, the NSIA was revealed to act as the fund manager.

COVID-19 presents an opportunity for Nigeria to reset its economy - Osinbajo

COVID-19 presents an opportunity for Nigeria to reset its economy, says Osinbajo
Source: Twitter

The vice president on his part described the initiative as a creative, forward-looking and thoughtful response to the challenge facing the country due to the pandemic.

He said: “The COVID-19 challenge is also an unprecedented opportunity for us as a nation and as a people to reset the critical sectors of the economy. The disruptions in business and commerce, especially on account of the lockdown, have meant that we must develop a comprehensive economic and social response.

“This fund would support them. It will also support the Social Investment Programme of the government.”

Babatunde Folawiyo, the chairman, Global Citizen Nigeria, who was in attendance for the conference explained that funds to be mobilized would target four areas, including strengthening healthcare systems.

“Nigeria’s recovery from this deadly pandemic requires the commitment of every one of us. Through the Nigeria Solidarity Support Fund, together and in solidarity, we would build a more responsive and resilient Nigeria aftermath of this disaster.

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“That is why the Global Citizen is honoured to join the NSIA to launch a campaign later this month which would engage each of us as Nigerians to do our part, take action and to help mobilise support for this critical effort,” he said.

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Meanwhile, Legit.ng previously reported that Nigeria has secured the $3.4 billion emergency loan it requested from the International Monetary Fund (IMF).

The emergency fund was approved by the IMF board on April 28. It is meant to assist Nigeria’s fight against COVID-19.

IMF managing director, Kristalina Georgieva, disclosed on Tuesday, May 5, that the $3.4 billion had been credited to the CBN’s account.

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