The Central Bank of Nigeria(CBN) has officially launched the 100 for 100 Policy for Production and Productivity (PPP) initiative, starting with 28 companies selected as beneficiaries for funding valued at N23.20 billion.
Speaking at the launch of the PPP initiative in Abuja, the CBN Governor, Godwin Emefiele said that the 28 companies with projects that have clearly articulated proposals
in the manufacturing, agricultural and the healthcare sectors were selected after
careful screening and scrutiny against a set-out selection criteria.
According to the apex bank Governor,
these projects, when fully operational, 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.
“Today’s launch of the 100 for 100 Policy for Production and Productivity (PPP) initiative and cheque presentation to selected companies, is a culmination of our engagements with critical stakeholders in the manufacturing sector and financial institutions, as we have here today pioneer beneficiaries of the initiative and the participating financial institutions.
“This Programme has the potential to significantly accelerate manufacturing output, promote further diversification of our economy and enable faster growth of our non-oil exports. More specifically, the PPP will help to reduce our over-reliance on imports, and stimulate productivity in agriculture, healthcare, manufacturing, extractive industries, logistics services, trade-related infrastructure, and renewable energy.
“Under this 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”.
Emefiele however urged the beneficiaries of the program and participating financial institutions to judiciously use the funds for the purpose for which they had indicated in their applications, as independent monitors and evaluators will be engaged to monitor the progress of the project.
The next cycle for submission of applications for the 100 for 100 Policy for Production and Productivity (PPP) is expected to start today, February 1, 2022, and will be ending on April 30, 2022.
“I want to appeal to all prospective investors to take advantage of the huge opportunities provided for investment in the real sector under the PPP and approach their banks to submit their applications for participation under the initiative”.
The 100 for 100 Policy for Production and Productivity (PPP) initiative 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 the bank noted will aid efforts to stimulate greater growth of our economy and create employment opportunities.
The CBN boss also revealed that the selection of subsequent beneficiaries will be rolled over every 100 days with new sets of 100 companies, urging potential investors to take advantage of the various CBN intervention programmes and schemes to invest in key sectors of the nation’s economy.
