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Despite the rhetoric, majority of Nigerians are still wary of the so called N1 trillion intervention fund. When the COVID-19 pandemic came with all her fangs, world leaders swung into action with the creation of intervention funds and palliatives to ease the burden of the average citizen. In Nigeria, asides the palliatives of foodstuff given by state and federal governments alike, drums were rolled when the Central Bank of Nigeria disclosed its support for critical sectors of the economy.   The apex bank first initiated a fund of N50 billion soft loans to small businesses. The N50 billion Targeted Credit Facility (TCF) was to serve as a stimulus package to support households and micro, small and medium enterprises (MSMEs) whose economic activities have been significantly disrupted by the COVID-19 pandemic. The financial institution for the scheme is NIRSAL Microfinance Bank (NMFB) and the interest rate under the intervention was fixed at 5% per annum (all-inclusive) up ...

The World Bank has predicted a sharp fall in Nigeria’s real gross domestic product growth as countries in sub-Saharan Africa head towards recession as a result of the ongoing coronavirus outbreak. The latest edition of Africa’s Pulse, the World Bank’s twice-yearly economic update for the region, said COVID-19 was driving sub-Saharan Africa towards the first recession in 25 years. The report, which was released on Thursday, said already, growth in the region had been significantly impacted by the outbreak and is forecast to fall sharply from 2.4 per cent in 2019 to -2.1 to -5.1 per cent in 2020. The regions three largest economies – Nigeria, Angola, and South Africa – are expected to witness a sharp fall in real GDP growth as a result of persistently weak growth and investment. “While most countries in the region have been affected to different degrees by the pandemic, real gross domestic product growth is projected to fall sharply, particularly in the region’s three l...

Guaranty Trust Bank Plc has announced the launch of Beta Health, a low-cost health financing product that offers instant access to health insurance for every Nigerian. The first of its kind in Nigeria, Beta Health provides coverage for basic and essential health services such as; general consultations, treatment for malaria, Ante Natal care, amongst others, for a subscription of N500 a month. As at 2018, more than 90 percent of the Nigerian population are not enrolled in any health insurance scheme, according to the country’s Ministry of Health. This is because health insurance is either too expensive or not very accessible to most people across the country. Beta Health is a response to this pressing national need and the latest offering in the long line of GTBank’s innovative products and services aimed at adding value to people’s everyday lives. To subscribe to Beta Health, all a customer has to do is simply dial *737*52*500*50# on their mobile phones, and they will be signe...