100 For 100 Policy: CBN Gives N68 Billion to Entrepreneurs
- The Central Bank of Nigeria said it has disbursed about N68.13 billion under its 100 for 1oo policy
- According to the bank, the loan was given to companies in agriculture, service industry, healthcare and the manufacturing industry
- The initiative is designed to boost local production, divert attention from imports, boost forex earnings and diversify the Nigerian economy
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The Central Bank of Nigeria (CBN) said it has disbursed over N68 billion to beneficiaries under its 100 for 100 Policy on Production and Productivity since the scheme began.
The CBN governor, Godwin Emefiele said this during the bank’s Monetary Policy Meeting (MPC) in Lagos.
Source: UGC
Applicants to have access to up to N5 billion
According to Emefiele, under the policy, the bank has released N9.98 billion for five projects which brings the cumulative disbursements under the scheme to N68.13 billion for 48 projects, which comprise 26 manufacturing, 17 in Agriculture, three in healthcare and two in the service industry.
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The CBN fixed the guidelines for the implementation of the initiative for the maximum loan amount that a participating company could access up to N5bn loan.
The apex bank, the Punch reports, stated that the guideline for the initiative would see it select about 100 private sector companies with projects that have the potential to greatly increase domestic production, reduce imports, increase non-oil exports and earnings and overall improvement in the generating capacity for the Nigerian economy.
CBN stated that the initiative would be executed in partnership with relevant bodies with emphasis on micro and macroeconomic impacts which will contribute to the GDP and exports, sustain job creation, local content development, production output and the ability to use and integrate into the global value chain.
CBN lists guidelines for beneficiaries
The guidelines state that the broad objective of the initiative is to reverse the country’s over-dependence on imports by creating an ecosystem which targets and supports the right projects with the ability to transform and boost the productive base of the economy.
The policy was also designed specifically to boost import substitution of commodities, shore up local production and productivity, enhance non-oil exports and improve forex earnings for the economy.
US gives Access Bank N173.6 billion to finance small businesses in Nigeria
Legit.ng reports that Access Bank, one of the leading financial institutions in Nigeria, has gotten $280 million, about N173.6 billion, from a US agency, International Development Finance Corporation (DFC) to help drive financial inclusion in Nigeria.
The deal was signed on Monday, July 25, 2022, in a commitment letter which sees the agency provide financing for Access Bank in Nigeria.
According to Premium Times, the US agency provides secure private investment opportunities for developing markets.
Source: Legit.ng
