Nigeria needs N120bn to combat COVID-19, CBN sets up private sector coalition

A hefty N120 billion is what Nigeria requires for the procurement of necessary equipment, materials and infrastructure to contain the Coronavirus pandemic in the country.

As part of the efforts, the Central Bank of Nigeria (CBN), on behalf of the Bankers’ Committee and in collaboration with the private sector, led by Aliko Dangote Foundation and Access Bank, have floated the Nigerian Private Sector Coalition Against COVID-19.

The CBN Governor, Godwin Emefiele, who made this public, disclosed that the apex bank had in the last few days been engaging stakeholders in the private sector on how to provide support to the Federal Government in procuring equipment and materials to combat the pandemic, which has recorded 65 cases in the country as at March 27, 2020.

This Coalition, according to the governor, was created out of the urgent need to combat the unfolding COVID-19 crisis in Nigeria as the rate at which the virus is spreading is unprecedented and it appears “we are fighting our most lethal adversary to date.”

The objectives of the Coalition include mobilizing private sector thought leadership, mobilize private sector resources, Increase general public awareness, education and buy-in, provide direct support to private and public healthcare’s ability to respond to the crisis and support the government’s effort.

Emefiele explained that in order to realize its objectives the Coalition has set up four major committees comprising of, Steering Committee to provide leadership and steer the coalition and committees in procuring all needed funding, equipment and materials for the battle against this pandemic.

The steering committee is chaired by the Secretary to the Government of the Federation, Mr. Boss Mustapha who currently chairs the Federal Government Committee on Covid-19. Other members of the Committee will be announced later.

The Funding Committee, which will be responsible for the initial funding of the effort, comprises the CBN Governor, Aliko Dangote, Herbert Wigwe, Jim Ovia, Tony Elumelu, Segun Agbaje, Abdulsamad Rabiu and Femi Otedola.

Each member of the committee is to ensure that their institutions contribute at least N1 billion to the effort and more members are allowed as long as they are willing to contribute at least N1 billion.

The Operational Committee, which is responsible for project management, logistics, communication and advocacy comprises of CBN Governor, Aliko Dangote Foundation, Access Bank, Zenith Bank, GT Bank, Stanbic IBTC, Ecobank, Fidelity Bank, Unity Bank, and Nigerian Breweries Plc.

The Technical Committee is responsible for gathering data about the equipment and materials needed nationwide. They will also be responsible for intellectual leadership around testing issues, treatment protocols, isolation centers, etc. Its membership is comprised of NCDC, WHO, Bill and Melinda Gates Foundation, Federal Ministry of Health and select members of the operational and funding committees.

“We will be working with reputable institutions and consultants including the Lagos State Commisioner of Health, Dr. Akin Abayomi, Dr Christian Happi, Dr. Phillip Onyebujo,” Emefiele said.

He said that the Bankers Committee and these important stakeholders will be required to step up to support this endeavor and that it is already engaging other important stakeholders in Nigeria and abroad, such as the NNPC and players in oil industry.

An account will be set up at the CBN to receive both Naira and foreign currency from our donors while the Technical Committee will be providing information about the venue where equipment and materials will be received just for those who wish to donate materials and equipment.

The governor said Coalition has made commitment to provide funding, equipment and material as well.

“At the end of the process, we shall have a reputable firm of Accountants to render full account of how the funds were utilized as well as account for the materials donated.

“The need for all Nigerians to play a role in this fight cannot be understated as we are quite literally in the fight of our lives. I must highlight the fact that this is not just about bringing money. Your time, your services, your products will all be helpful,” said Emefiele.