The Central Bank of Nigeria has disbursed N114.17bn to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the intervention.
The apex bank said the initiative would be implemented in collaboration with relevant stakeholders, with a focus on micro and macroeconomic impacts, in terms of contribution to GDP and exports, sustainable jobs created, local content development, production output, and capacity utilisation and integration into the global value chain.
“Loan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management,” it said. According to the guidelines, the broad objective of the initiative is to reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyse the productive base of the economy.
Highlighting the specific objectives of the initiative, the CBN said it was designed to catalyse import substitution of targeted commodities, increase local production and productivity, increase non-oil exports, and improve foreign exchange-earning capacity of the economy. It said focal activities covered under the initiative would be existing businesses and projects with the potential to immediately transform and catalyse the productive base of the economy, and new projects with equal potential may be considered under the initiative, subject to CBN management’s approval.All rights reserved.
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