CBN Disburses N173bn Under 100-for-100 Policy:
Under its 100-for-100 Policy on Production and Productivity, the Central Bank of Nigeria (CBN) has made strides towards bolstering domestic production and productivity.
Since the launch of this intervention, the bank has disbursed a whopping N173.31bn to deserving beneficiaries.
The Announcement by CBN Governor
The revelation came straight from the top, with CBN Governor Godwin Emefiele, sharing this information after a Monetary Policy Committee meeting in Abuja.
“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,” said Emefiele.
He further elaborated that this figure brings the total disbursement under the facility to N173.31bn, allocated to 81 different projects. These projects span multiple sectors, including manufacturing, agriculture, healthcare, and services. The scheme is reported to have created an estimated 23,343 direct jobs.
CBN’s 100-for-100 Policy Guidelines
The guidelines laid out by the CBN for the implementation of this initiative set the maximum loan amount per participant at N5bn.
The bank’s ultimate goal with this initiative is to select 100 private sector companies whose projects possess the potential to significantly enhance domestic production and productivity, reduce imports, and increase non-oil exports.
All these aspects contribute to an overall improvement in the foreign exchange generating capacity of the Nigerian economy.
“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,” the bank stated in its guideline.
The Collaborative Effort
The apex bank has further clarified that the initiative’s implementation will occur in collaboration with relevant stakeholders.
The focus will be both micro and macroeconomic impacts in terms of contributions to GDP and exports, sustainable job creation, local content development, production output, and capacity utilisation, and integration into the global value chain.
The 100-for-100 Policy is indeed an ambitious initiative by the Central Bank of Nigeria.
It not only promises to boost various sectors within the country but also offers a remarkable opportunity for local companies to grow and contribute significantly to the national economy.
Overall, with N173.31bn already disbursed, the initiative appears to be a step in the right direction, fostering economic growth and creating thousands of jobs.
The future of Nigerian companies under this policy seems to be in good hands, leading towards a prosperous and sustainable economic future.