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CBN releases N114b under 100-for-100 policy 

THE Central Bank of Nigeria has disbursed N114.17bn to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the intervention.

This was disclosed in a communiqué issued by the CBN Governor, Godwin Emefiele, after the last Monetary Policy Committee meeting held in Abuja.

He stated that the funds were expended on 71 projects across 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.

The CBN programme, launched in January 2022, is for a select 100 private sector companies with projects that have the potential to significantly increase domestic production and productivity, reduce imports, increase non-oil exports, and overall improvements in the foreign exchange generating capacity of the Nigerian economy.

According to the guidelines for the implementation of the initiative, the CBN fixed the maximum loan amount that a participant could get at N5bn.

“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.

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Naija Times