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CBN’s 100 for 100 policy bankrolls 28 firms with N23.20bn loan

..to unveil new forex bidding regime, engage banks on export documentation

 

Twenty-eight companies whose articulated projects scaled the screening for 100 for 100 Policy for Production and Productivity (PPP) of the Central Bank of Nigeria (CBN) have secured the apex bank’s funding of N23.20 billion.

 

This came as the apex bank promised to unveil a new forex bidding regime very soon that is market-driven and supports companies that accord utmost priority for local production and job creation drive. CBN Governor, Godwin Emefiele said the bank will engage DMBs on ways to support businesses that export and remit their proceeds to the country.

 

The 28 beneficiary firms whose cheques were presented yesterday through seven participating financial institutions comprise 14 in manufacturing sector, 12 in agricultural sector, and two healthcare firms spread across four velour sectors of the economy.

PPP is CBN’s policy initiative unveiled last year (October 25) at the launch of e-Naira to significantly accelerate manufacturing output, promote further diversification of the nation’s economy to enable faster growth of nonoil 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; details of these companies will be published in the major national dailies.

Speaking yesterday at the maiden unveiling of the first batch of PPP beneficiaries, Emefiele said funding projects under PPP were expected to create over 20,000 direct and indirect jobs across multiple sectors of the economy as well as generate close to US$125.80 million in foreign exchange earnings.

Five of the selected projects, according to the CBN governor, are Greenfield projects seeking to exploit the huge opportunities in key sectors of the economy.

 

 

 

CBN said: “For this first cycle of the initiative ending today, 243 applications valued at N321.06 billion, spread over key sectors, such as agriculture, energy, healthcare, manufacturing, and services sectors were submitted on the portal.

 

After much engagement, 79 applications were received from banks, valued at N121.87 billion, for projects in six sectors, namely: agriculture, energy, healthcare, manufacturing, mining, and services sectors.

“The requests were carefully screened and scrutinised against a set-out selection criteria, which is categorised into: production efficiency and scalability; local content capacity; job creation and human capital development; operating sector relevance; and potential contribution to economic growth.

 

While appealing to beneficiaries of PPP policy to note the facility is not a grant but a payable loan, he said the next cycle for submission of applications for the 100 for 100 Policy for Production and Productivity will start tomorrow, February 1, 2022, and will be ending on April 30, 2022.

 

 

 

To current and prospective operators in the industrial sector, Emefiele assured them of Central Bank of Nigeria’s continued support, financial and otherwise, to fast-track the development of industrial sector, adding that, the bank will soon unveil a new FX bidding regime that is market-driven and supports companies that accord utmost priority for our local production and job creation drive.

 

“For those seeking to invest in new greenfield or existing brownfield projects, the bank will continue to provide all the needed support, both in naira and dollars specifically for the importation of plants and equipment to actualise these investments.

 

It is pertinent to point out that the foreign exchange support will be solely for the importation of spares, plants and equipment needed to increase production capacities of these companies.

President of the Manufactures Association of Nigeria (MAN) Engr Mansur Ahmed, lauded CBN’s support of the real sector of the economy in the last seven years under Godwin Emefiele.

 

Managing Director/CEO of Access Bank of Nigeria, Herbert Onyewumbu Wigwe, said: “We will take responsibility to support and develop our economy.

 

If we don’t develop our economy, nobody will do it for us. We stand ready as banks to support this initiative; for us as banks, this is a project that we will embrace in totality.”

 

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