100 for 100 PPP: CBN extends N23.20bn funding to 28 successful companies

Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, announced, on Monday, in Abuja companies that scaled through the screening process for the 100 for 100 Policy for Production and Productivity (PPP).

Tribune Online had exclusively reported yesterday that the successful applicants will be announced on Monday.

Mr Emiefele said following due screening of the applications received, 28 companies with projects that have clearly articulated proposals were selected for funding.

These projects, he added are valued at N23.20 billion, and comprise 14 in the manufacturing sector, 12 in the agricultural sector, and 2 in the healthcare sector.

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“When fully operational, these projects are 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.

“It is important to note that five of the selected projects are greenfield projects seeking to exploit the huge opportunities in key sectors of our economy,” said the CBN governor.

He explained that, for this first cycle of the initiative which ended yesterday, 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.

According to him, 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.

Subsequently, the requests were carefully screened and scrutinized against 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.

The 100 for 100 Policy for Production and Productivity (PPP), is an intervention of the Central Bank of Nigeria designed to stimulate investments in Nigeria’s priority sectors with the core objective of boosting production and productivity, which will aid the country’s efforts to stimulate greater growth of the economy and create employment opportunities.

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100 for 100 PPP: CBN extends N23.20bn funding to 28 successful companies

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100 for 100 PPP: CBN extends N23.20bn funding to 28 successful companies

Joseph Inokotong