CBN Disburses N13.8 Billion to Manufacturing Sector Under 100-for-100 Policy

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said the apex bank has disbursed a total sum of N173.3 billion to various beneficiaries under its 100-for-100 Policy on Production and Productivity since the policy commences.

Emefiele, who made this known in Abuja shortly after the Monetary Policy Committee meeting, said N13.81 billion of the total disbursed amount was for the development of three new projects in the manufacturing sector.

He said, “Under the 100 for 100 Policy on Production and Productivity, the Bank disbursed the sum of N13.81bn to three projects in the manufacturing sector.

“This brings the cumulative disbursement under the facility to N173.31bn, disbursed to 81 projects comprising 45 manufacturing, 23 agriculture, five healthcare, and eight services sector projects with an estimated 23,343 direct jobs created.”

The loan is capped at N5 billion per participant by the central bank, according to the guidelines for the implementation of the initiative.

In the guideline, the apex bank said 100 private sector organisations with projects that could transform the local economy through job creation, improve productivity, reduce imports, increase non-oil exports, and improve foreign exchange generating capacity of the nation will be selected and financed under the 100-for-100 policy.

“The initiative, which shall be bank-led, will be rolled over every 100 days (that is, quarterly) with a new set of companies selected for financing under the initiative,” it stated.

Meanwhile, the Nigerian economy grew at a slower pace in the first quarter of 2023 as Africa’s largest economy expanded at 2.31% year on year.

The National Bureau of Statistics (NBS) attributed this decline in growth to the cash crunch caused by the CBN’s decision to change the Naira notes in an effort to curb counterfeit notes and other national challenges.