31 Nigerian companies get N29bn from CBN to grow their business: Here's what they did to be beneficiaries

31 Nigerian companies get N29bn from CBN to grow their business: Here's what they did to be beneficiaries

  • 31 Nigerian companies have been announced to have benefited from the Central Bank of Nigeria's 100 to 100 Policy on Production and Productivity (PPP)
  • The companies were given a total sum of N29 billion after they applied and were selected by the CBN based on their projects
  • Beneficiaries of the initiative will include long-term loans for equipment and machinery purchases, as well as working capital loans

The Central Bank of Nigeria (CBN) has disbursed over N29 billion to companies that applied for the 100 for 100 Policy on Production and Productivity (PPP).

CBN says the programme will pick 100 private sector enterprises with initiatives that have the potential to considerably increase local productivity and Nigeria’s ability to generate foreign exchange.

The initiative started on November 1, 2021, and so far over 31 companies across various sectors have benefited, Nairametrics reports.

Companies, 100 policy, disburse
CBN Governor Godwin Emefiele speaks to potential investors. Credit: Chris J. Ratcliffe/Bloomberg via Getty Images
Source: Getty Images

According to the communique from the apex bank’s Monday 21 March 2022 Monetary Policy Committee (MPC) meeting, the CBN said,

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“Under the 100 for 100 Policy on Production and Productivity (PPP), the Bank has disbursed the sum of N29.51 billion to 31 projects, comprising 16 in manufacturing, 13 in agriculture, and 2 in healthcare.”

CBN also financed agricultural projects under the CACS scheme as a means of combating food inflation.

It added

“The Bank also released N19.15 billion to finance 5 large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS), bringing the total disbursements under the Scheme to N735.17 billion for 671 projects in agro-production and agro-processing.”

How companies can benefit

To partake in CBN loan here what is expected

  • First Have a company with a focus of exporting made in Nigeria products
  • The next step would be to submit your application to commercial banks with requisite documentation, which includes:
  • Evidence of company incorporation with Corporate Affairs Commission (CAC)
  • Three years of audited financial reports.
  • Evidence of the company’s creditworthiness, including its promoters and directors.
  • A minimum of two credit reports of the company and directors.
  • Business plan of the underlying project in need of financing.
  • Detailed status report on project’s capacity utilization, production output, productivity/efficiency level, employment level, value creation.
  • Detailed report on the post-financing economic benefit of the project.
  • Submit application via https://100for100ppp.ng/

.Banks to start paying customers in coins

Legit.ng had earlier reported that while Nigerians are still confused about what happened to the eNaira project, Lawmakers have instructed CBN to enforce the use of coins for transactions.

Coins are part of the Nigerian currency, the structure comprises of three coin denominations (50k, ₦1, and ₦2)

The lawmakers have therefore instructed CBN to ensure Nigerian banks start issuing coins to Nigerians

Source: Legit.ng

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