Thursday, September 28, 2023

100-for-100 policy: CBN Disburses N68bn



The Central Bank of Nigeria CBN, has disbursed N68.13bn to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the intervention.

CBN Governor Godwin Emefiele made this known in Lagos after the last Monetary Policy Committee meeting.

He said ” Furthermore, under the 100 for 100 Policy on Production and Productivity, the Bank has released N9.98bn for five projects, bringing the cumulative disbursements under the intervention to N68.13bn for 48 projects, comprising 26 in manufacturing, 17 in agriculture, three in healthcare and two in the services sector.”

The bank fixed the maximum loan amount that a participant could get at N5bn and stated in the guideline that the initiative would select 100 private sector companies with projects that are likely to increase domestic production and productivity, reduce imports, increase non-oil exports, and overall improvements in the foreign exchange generating capacity of the Nigerian economy.