Job Loss: CBN Urges Banks to Support Media, Aviation Industries

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SWITZERLAND, AUGUST 26 – The Central Bank of Nigeria (CBN) has urged banks to support the Media and Aviation Industries in Nigeria to prevent a looming massive job loss due to the COVID-19 pandemic.

The CBN Governor, Mr Godwin Emefiele, announced this while addressing the Bank Chief Executives at the bi-monthly virtual meeting of the Bankers’ Committee on Tuesday.

The COVID-19 pandemic has led to a worldwide economic downturn with Nigeria’s Gross Domestic Product (GDP) shrinking by -6 percent in the second quarter of 2020. Media and Aviation are amongst the hardest hit industries in Nigeria as sales and advertising plummet, and travelling decline.

Emefiele urged the banks to do all within their powers to support airlines in the country, noting that such support was critical to helping the industry recover from the economic crisis triggered by the COVID-19 pandemic.

Similarly, the apex bank’s governor also advised the banks to support the efforts of the media industry in Nigeria to cope with the lingering pandemic in order to avoid massive job losses in the industry.

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