CBN Disburses N23.2 Billion To 28 Maiden Beneficiaries Under The 100 For 100 PPP

Photo: Facebook/Central Bank Of Nigeria

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has formally launched the 100 for 100 policy on Production and Productivity (PPP) in Abuja yesterday the 31^st of January 2022, with the presentation of commemorative cheques worth N23.2 Billion to 28 beneficiaries, through seven Participating Financial Institutions (PFIs).

While presenting the cheques to the beneficiaries, which comprised 14 companies in the manufacturing sector, 12 in the agricultural sector, and two in the healthcare sector, at the Bank’s head office, Mr. Emefiele disclosed that the 100 for 100 PPP was designed by the CBN to stimulate investments in Nigeria’s priority sectors with the core objective of boosting production and productivity. He added that these will aid Nigeria’s efforts to stimulate greater growth of the economy and create employment opportunities.

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According to Mr. Emefiele, the formal launch of the 100 for 100 policy for the Scheme’s developmental component underscored the critical roles in building new blocks for economic growth, improving production expansion, reducing reliance on imports and fostering growth on non-oil export, particularly as the country’s national growth was highly dependent on a strong and competitive businesses.

Emefiele further explained that, under the initiative, every hundred days, manufacturers in critical sectors that seek to engage in greenfield projects or in expanding their existing facilities will have access to cheaper forms of credit at single digit rates, as well as foreign exchange to procure plants and machineries.

One of The Beneficiar Bank of 100 For 100 PPP, Standic IBTC PlC, Receiving Cheque from CBN Governor, Mr Godwin emiefele

Photo: Facebook/Central Bank Of Nigeria

The beneficiaries in their separate remarks, the President of Manufactures Association of Nigeria (MAN), Dr. Mansur Ahmed and the Managing Director of Access Bank Plc, Dr. Herbert Wigwe, who doubles as the Chairman, Body of Bank Chief Executive Officers (CEOS), commended the initiative and pledged their readiness to collaborate with the CBN to ensure its success. High point of the ceremony was the presentation of symbolic cheques to the beneficiaries, through seven Participating Financial Institutions (PFIs) - FCMB, Fidelity, Keystone, Stanbic IBTC, Union Bank, Wema Bank and Zenith Bank.

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