The Central Bank of Nigeria CBN has disbursed a total of 23.20 billion naira to 28 companies whose projects were selected for funding in the maiden batch of its newly introduced “100 for 100 Policy for Production and Productivity PPP” initiative.
CBN Governor, Godwin Emefiele, who made this known in Abuja, also said the apex bank would soon introduce a new foreign exchange FX bidding regime.
Emefiele spoke at the formal launch of the 100 for 100 PPP scheme.
He explained that the primary objective of the CBN in introducing the initiative was to ensure that priority was accorded to companies that displayed verifiable progress in the bank’s import substitution and job creation drive.
Emefiele said the funds disbursed to beneficiaries of the 100 for 100 policy, which he stressed were loans, followed due screening of the applications received.
He said the projects, valued at 23.20 billion naira, comprised 14 in the manufacturing sector, 12 in the agricultural sector, and two in the healthcare sector.
