243 Firms Seek CBN’s Multibillion Loan Scheme

Central Bank of Nigeria (CBN) has disbursed a total of N23.2billion to 28 firms whose projects satisfied its criteria for ‘100 for 100 Policy for Production and Productivity.’
Disclosing this in Abuja on Monday while presenting the cheques to the beneficiary companies through seven participating financial institutions., the CBN Governor, Godwin Emefiele, said this was after 243 firms submitted applications with projects valued at N321.06bn for the 100 by 100 loan scheme, which is based on PPP.
The companies comprise 14 manufacturing firms, 12 agricultural companies, and two healthcare firms.
The PPP is CBN’s policy initiative unveiled last year at the launch of the E-naira initiative to accelerate manufacturing output, and promote further diversification of the nation’s economy to enable faster growth of non-oil exports.
Under the policy, eligible companies in priority sectors are to be screened and 100 companies will be selected to receive funding from the CBN every 100 days, beginning from November 1 2021.
The selection of subsequent beneficiaries will be rolled over every 100 days with new sets of 100 companies.
He said, “For this first cycle of the initiative ending today, 243 applications valued at N321.06bn, spread over key sectors such as agriculture, energy, healthcare, manufacturing, and services sectors were submitted on the portal”.