CBN Earmarks N23bn Funding For 28 Firms

Twenty-eight companies across the country will receive N23.2 billion under the Central Bank of Nigeria (CBN)’s 100 for 100 funding scheme.
This is contained in a statement from CBN’s bulletin made available to The Tide’s source in Port Harcourt.
The scheme, the 100 for 100 Policy on Production and Productivity (PPP), was flaggedoff by the apex bank in Abuja last Monday.
According to the bulletin, the programme is targeted at private companies with projects that can boost local production and create jobs. Through the window, an applicant can apply for as much as N5 billion.
Key performance indicators (KPIs) on economic growth, non-oil exports, import reduction, local capacity, local factor utilisations and others are to assess applicants for selection.
The initiative enables the bank to select 100 companies across sectors. This is to be rolled over every 100 days with a new set of companies.
Meanwhile, the first tranche of the fund was released by the CBN through the Participating Financial Institutions (PFIs) during the flagoff.
However, yesterday, the detailed list was released alongside the PFIs.
According to the statement, the fund is being disbursed through FCMB, Fidelity, Keystone, Stanbic IBTC, Union, Wema and Zenith.
The benefiting companies cut across healthcare, manufacturing and agriculture, which dominated the list.