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Tuesday, March 21, 2023

CBN Launches 100 For 100 PPP, Distributes N23.2 Billion To Recipients

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By Abdulwaheed Olayinka Adubi

The Central Bank of Nigeria (CBN) has distributed N23.2 billion in loans to 28 recipients as part of the launch of its new “100 for 100” Production and Productivity Policy (PPP).

According to the CBN Governor, Godwin Emefiele, at the launch of the 100 for 100 Policy for Production and Productivity (PPP), in Abuja, yesterday.

While speaking, he said the ultimate goal of the policy is to reverse the nation’s reliance on imports by creating an echo system that targets and supports the right companies and projects.

He also explained that the program was aimed at spurring investments in Nigeria’s priority industries with the primary goal of increasing production and productivity.

“Agriculture, healthcare, manufacturing, logistics, services, trade-related infrastructure, and renewable energy will all benefit from the PPP effort, according to him.

“Beginning in November 2021, 100 qualifying enterprises in priority sectors would be chosen to receive funding from the apex bank every 100 days, according to Emefiele.

“In the first instance, he said, 28 enterprises were identified qualified and selected for finance, with projects totalling N23.2 billion. He went on to say that the scheme would provide low-cost finance to both new and current productive ventures.

“Under this initiative, every 100 days, manufacturers in critical sectors that seek to engage in Greenfield projects, or in expanding their existing facilities will have access to cheaper forms of credit at single digit rates as well as foreign exchange to procure plants and machinery.

“This programme has potential to significantly accelerate manufacturing output, promote further diversification of our economy and enable faster growth of non-oil exports,” Emefiele explained

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