100-for-100 Policy: CBN releases N114bn to beneficiaries
Since the start of the intervention, the Central Bank of Nigeria has distributed N114.17 billion to beneficiaries under its 100-for-100 Policy on Production and Productivity.
This was revealed in a communiqué issued by CBN Governor Godwin Emefiele following the last Monetary Policy Committee meeting in Abuja.
He stated that the funds were spent on 71 projects in the healthcare, manufacturing, and agriculture sectors.
“Furthermore, under the 100 for 100 Policy on Production and Productivity, the Bank has disbursed the sum of N20.78 billion to nine projects in healthcare, manufacturing, and services. This brings the cumulative disbursements under the facility to N114.17 billion to 71 projects across healthcare, manufacturing, services and agriculture,” he said.
- “I’ll Defend Interest Of Students Under NANS” Says Chairman-Elect, Temitope Sharp
- FCMB Plans To Use N20.68b To Avert Liquidation After Silicon Valley Bank Collapse
- Mitchell Elegbe Named Entrepreneur of the Year (West Africa) by Ernst and Young
- Olam Agri Partners Asian Research College To Improve Sustainability In Agric Sector
- Stanbic IBTC Empowers Nigerian Export Business Owners
The CBN program, which began in January 2022, is for a select 100 private sector companies with projects that have the potential to significantly increase domestic production and productivity, decrease imports, increase non-oil exports, and improve the Nigerian economy’s foreign exchange generating capacity.
According to the guidelines for the initiative’s implementation, the CBN set the maximum loan amount that a participant could receive at N5 billion.
“The initiative, which shall be bank-led, will be rolled over every 100 days (that is, quarterly) with a new set of companies selected for financing under the initiative,” it stated.
In collaboration with relevant stakeholders, the apex bank said the initiative would be implemented with a focus on micro- and macro-economic impacts, including the creation of sustainable jobs, the development of local content, production output, capacity utilisation and integration into global value chains.
“Loan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management,” it said.
According to the guidelines, the broad objective of the initiative is to reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyse the productive base of the economy.
Highlighting the specific objectives of the initiative, the CBN said it was designed to catalyse import substitution of targeted commodities, increase local production and productivity, increase non-oil exports, and improve the foreign exchange-earning capacity of the economy.
It said key activities covered under the initiative would be existing businesses and projects (brownfield) with the potential to immediately transform and catalyse the productive base of the economy, and new projects (greenfield) with equal potential may be considered under the initiative, subject to CBN management’s approval.