CBN 100-for-100 policy News | CBN releases N114bn under 100-for-100 policyMarch 7, 2023 By Amitverain Leave a CommentCBN releases N114bn under 100-for-100 policy: Boosting Production and Productivity in NigeriaThe Central Bank of Nigeria (CBN) has disbursed N114.17bn to 71 beneficiaries under its 100-for-100 Policy on Production and Productivity. This policy is an initiative aimed at boosting domestic production and productivity, reducing imports, and increasing non-oil exports.Funds Expenditure on Healthcare, Manufacturing, and Agriculture SectorsGovernor Godwin Emefiele stated that the funds disbursed under the initiative were expended on 71 projects across healthcare, manufacturing and agriculture sectors. He also noted that the Bank had disbursed N20.78 billion to nine projects in healthcare, manufacturing, and services.Programme Launched in January 2022The CBN programme was launched in January 2022 for a select 100 private sector companies with projects that have the potential to significantly increase domestic production and productivity. The guidelines fixed the maximum loan amount that a participant could get at N5bn.Bank-Led Initiative Rolled Over Every 100 DaysAccording to the guidelines for the implementation of the initiative, the programme will be bank-led and rolled over every 100 days (quarterly) with a new set of companies selected for financing under the initiative.Collaboration with Relevant StakeholdersIn collaboration with relevant stakeholders, the initiative would be implemented with a focus on micro- and macro-economic impacts. This includes the creation of sustainable jobs, the development of local content, production output, capacity utilisation, and integration into global value chains.Maximum Loan Amount and Special ApprovalLoan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management.Broad Objective of the InitiativeThe broad objective of the initiative is to reverse the nation’s over-reliance on imports by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyse the productive base of the economy.Specific Objectives of the InitiativeHighlighting the specific objectives of the initiative, the CBN said it was designed to catalyse import substitution of targeted commodities, increase local production and productivity, increase non-oil exports, and improve the foreign exchange-earning capacity of the economy.Existing and New ProjectsKey activities covered under the initiative would be existing businesses and projects (brownfield) with the potential to immediately transform and catalyse the productive base of the economy. New projects (greenfield) with equal potential may be considered under the initiative, subject to CBN management’s approval.In conclusion, the CBN’s 100-for-100 Policy on Production and Productivity is a timely intervention aimed at boosting domestic production and productivity, reducing imports, and increasing non-oil exports. With the funds disbursed so far, it is hoped that more companies in healthcare, manufacturing and agriculture sectors will benefit from the initiative, leading to sustainable job creation and overall improvements in the foreign exchange generating capacity of the Nigerian economy.Related100 for 100 Policy CBN’s loan – How to Apply100 for 100 Policy CBN’s loan - How to Apply The Central Bank of Nigeria (CBN) recently published a list of 28 companies that benefited from N23.2 billion of the first cycle of 100 to 100 in Production and Productivity (PPP). It should be noted that the largest number of…CBN fixes N5bn maximum loan limit‘100 for 100’ policy: CBN fixes N5bn maximum loan limit The Central Bank of Nigeria has fixed the maximum loan amount that a participant in its newly introduced initiative, called ‘The 100 for 100 PPP – Policy on Production and Productivity’, can get at N5bn. The CBN disclosed this in…CBN lists criteria for its ‘100 for 100’ policyThe Central Bank of Nigeria has listed its selection criteria for the newly introduced financial instrument tagged “The 100 for 100 PPP – Policy on Production and Productivity”. The apex bank made this known in a notice signed by its Development Finance Department, This Day reports. It explained that the…
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