-Targets N120bn as ‘Nigeria prepares for the worst’
As part of precautionary measures to curb the spread of the COVID-19 pandemic, the Central Bank of Nigeria (CBN) has mobilised prominent private sector leaders, in conjunction with the Bankers Committee, to form a Private Sector Coalition Against Corinavirus .
The novel initiative was disclosed by the CBN Governor, Godwin Emefiele, at a special media briefing in Lagos Thursday, where he urged Nigerians to prepare for the possible worst effect of the COVID-19.
Emefiele said the move had become necessary following the rapid spread of the COVID-19 pandemic across major countries where 500,000 had been infected globally with Nigeria recording 65 cases as at Thursday.
He expressed concern that the unprecedented rate at which the virus was spreading suggested that Nigeria might be fighting its most lethal adversary to date hence the Coalition was created out of the urgent need to combat the unfolding COVID-19 crisis in the country.
Mr Emefiele said the move was a follow up on the series of interventions by the CBN and actions by the federal government in response to the devastating effects of the virus on Nigerians and the economy.
He emphasized that the coalition represented another effort to mobilise the private sector to support the federal government in procuring equipment and materials against the deadly spread of the pandemic.
“The Central Bank of Nigeria, on behalf of the Bankers’ Committee and in partnership with the private sector led by Aliko Dangote Foundation and Access Bank have come together to form the Nigerian Private Sector Coalition Against COVID-19.
“This Coalition was created out of the urgent need to combat the unfolding COVID-19 crisis in Nigeria.
“The rate at which the virus is spreading is unprecedented and it appears we are fighting our most lethal adversary to date.
“So far, the Federal Government has made giant strides in the fight but it is clear that the private sector needs to step in and support efforts already being made,” Emefiele said.
Emefiele explained the objectives of the Coalition to include mobilizing private sector through leadership and private sector resources, increase general public awareness, education and buy-in; as well as provide direct support to private and public healthcare’s ability to respond to the crisis – all in support of government effort.
To achieve the objectives, he said the Coalition had set up four committees, including a Steering Committee chaired by the Secretary to the Government of the Federation, Boss Mustapha, who currently chairs the federal government’s committee on Covid-19, to provide leadership.
He said the Steering Committee will also be in charge of procuring all needed funding, equipment and materials for the battle against the COVID-19 pandemic. The other committees include those that focus on funding, operational and technical responsibilities.
The Funding Committee has the CBN Governor, Aliko Dangote, Herbert Wigwe, Jim Ovia, Tony Elumelu, Segun Agbaje, Abdulsamad Rabiu and Femi Otedola as members; it will be responsible for the initial funding of the initiative which takes off immediately.
According to Emefiele, each member of the committee is to ensure that their institution contributes at least N1 billion to this Coalition, while new members would be allowed as long as they are willing to contribute at least N1 billion.
The target is N120 billion.
The Operational Committee will be responsible for project logistics, communication and advocacy and the membership include the CBN Governor, Aliko Dangote Foundation, Access Bank, Zenith Bank, GT Bank, Stanbic IBTC, Ecobank, Fidelity Bank, Unity Bank and Nigerian Breweries.
The Technical Committee comprising the Nigerian Centre for Disease Control (NCDC), World Health Organization (WHO), Bill and Melinda Gates Foundation, Federal Ministry of Health and select members of the operational and funding committees, will be responsible for gathering data about the equipment and materials needed nationwide.
Emefiele disclosed that the coalition will also be working with reputable institutions and consultants including the Lagos State Commissioner for Health, Akin Abayomi, Christian Happi, Phillip Onyebujo, and all medical doctors.
Emefiele said the Bankers Committee was already engaging other interest groups in Nigeria and abroad, such as the Nigerian National Petroleum Corporation (NNPC) and players in the oil industry to support the coalition.
“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.
“At the end of the process, we shall have a reputable form of Accountants to render full account of how the funds were utilized as well as account for the materials donated”, Emefiele said.