CBN kicks off 100 for 100 policy, presents N23bn to 28 companies

The Central Bank of Nigeria (CBN) has announced 28 companies as the first batch of beneficiaries for its 100 for 100 initiative designed to revitalize the Nigerian economy

The CBN Governor, Godwin Emefiele disclosed this at the formal launch of the initiative on Monday in Abuja.

He said the “100 for 100 Policy for Production and Productivity (PPP) initiative is designed to provide loans up to N5bn to companies every 100 days with the core objective of boosting production and productivity”.

At the launch, Emefiele said that over 243 companies submitted applications with projects worth N321.06 billion, but only 14 manufacturing firms, 12 agriculture firms, and two healthcare firms were chosen after screening.

He said, “For this first cycle of the initiative ending today, 243 applications valued at N321.06bn, spread over key sectors such as agriculture, energy, healthcare, manufacturing, and services sectors were submitted on the portal.

“After much engagement, 79 applications were received from banks, valued at N121.87bn, for projects in six sectors, namely agriculture, energy, healthcare, manufacturing, mining, and services sectors.

Read also: CBN to place bank accounts of chronic loan defaulters on watchlist

“The requests were carefully screened and scrutinised against set-out selection criteria, which is categorised into production efficiency and scalability; local content capacity; job creation and human capital development; operating sector relevance; and potential contribution to economic growth.

“The requests were carefully screened and scrutinised against set-out selection criteria, which is categorised into production efficiency and scalability; local content capacity; job creation and human capital development; operating sector relevance; and potential contribution to economic growth.”

Emefiele in his speech also revealed the next cycle for submission of applications for the 100 for 100 PPP begins today February 1, 2022, and will end on April 30, 2022.

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