CBN Disburses Over N170BN To Beneficiaries Under the 100-for-100 Policy

In accordance with its 100-for-100 Policy on Production and Productivity, the Central Bank of Nigeria has given recipients N173.31 billion since the intervention’s commencement.

Following the Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said this in Abuja.
The CBN established the maximum loan amount a participant might receive at N5 billion in accordance with the rules for carrying out the project.

The CBN stated in the guidelines that the initiative would choose 100 private sector businesses with projects that have the potential to significantly boost domestic production and productivity, lower imports, boost non-oil exports, and generally improve the economy of Nigeria’s ability to generate foreign exchange.

The initiative, according to the apex bank, will be put into action in conjunction with key stakeholders, with a focus on the micro- and macroeconomic effects on GDP and exports, the creation of sustainable jobs, the growth of local content, production output, and capacity utilization, as well as integration into the global value chain.

He said;

“Under the 100 for 100 Policy on Production and Productivity, the Bank disbursed the sum of N13.81bn to three projects in the manufacturing sector.

“This brings the cumulative disbursement under the facility to N173.31bn, disbursed to 81 projects comprising 45 manufacturing, 23 agriculture, five healthcare, and eight services sector projects with an estimated 23,343 direct jobs created.”

“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.