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Friday, March 24, 2023

CBN Releases List of Beneficiaries of N23.2bn PPP Loan

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The Central Bank of Nigeria (CBN) on Wednesday released a list containing details of the 28 firms that benefitted from the N23.2bn loans disbursed in the first cycle of the 100 for 100 Policy for Production and Productivity.

The list was released on the apex bank’s official website.

The document also showed that only companies from 11 states including the Federal Capital Territory benefited from the first batch of disbursements.

The states are Abia, Lagos, Ogun, Kano, Anambra, Rivers, Oyo, Edo, FCT, Taraba and Cross River.

Based on the details of the companies, a total of 14 in the manufacturing sector, 12 companies in the Agric sector, and 2 in the healthcare sector scaled through the screening process.

FCMB, Fidelity, Keystone, Stanbic, Union Bank, Wema and Zenith, were some of the major banks that participated in the scheme.

This is coming after the CBN Governor, Godwin Emefiele, launched the PPP programme in Abuja on Monday.

“When fully operational, these projects are expected to create over 20,000 direct and indirect jobs across multiple sectors of the economy, as well as generate close to $125.8m in foreign exchange earnings.

“It is important to note that five of the selected projects are greenfield projects seeking to exploit the huge opportunities in key sectors of our economy,” Emefiele said.

At the launch, the CBN Governor had expressed hope that the projects, when fully operational, would create over 20,000 jobs and generate about $125.8m in foreign exchange earnings.

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