243 Companies Fight For CBN’s N23 Billion 100 for 100 Loan Scheme

• About companies emerged winners of CBN's 100 for 100 loan scheme held in Abuja on Monday, January 31, 2022.
• The bank said about 243 had applied for the scheme with the 28 winning companies projects getting approved by the apex bank
• The loan scheme is CBN policy to choose 100 companies every 100 days and give them seed funding for projects approved by it

About 243 companies applied for a loan scheme by the Central Bank of Nigeria (CBN).

In the end, the Central Bank of Nigeria (CBN) said about 28 companies whose projects pleased the bank’s conditions for ‘100 for 100 Policy for Production and Productivity.’

The apex bank said that this happened after 243 firms submitted applications with projects valued at N321.06bn for the 100 loan scheme.

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Godwin Emefiele, the CBN governor revealed in Abuja on Monday, January 31, 2022, as he was presenting the cheques to the beneficiaries via seven partner financial institutions.

The companies include 14 manufacturing firms, 12 agric companies and two healthcare companies.

What the scheme is about

The policy is CBN’s initiative which was unveiled last year at the launch of the eNaira initiative to rev up manufacturing results and promote more diversification of the country’s economy and facilitate faster growth of non-oil exports.

How the companies were chosen

Eligible companies in priority sectors are to be screened and 1oo companies will be chosen to receive funding from the CBN every 100 days, starting from November 1, 2021.

The choice of new set of winners will be rolled out every 100 days with new sets of 100 firms.

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Emefiele noted that the insinuation that the CBN was overreaching its statutory bounds, was baseless, explaining that the bank had continued to play its monetary management role effectively.

Source: Legit.ng