The Central Bank of Nigeria (CBN) has successfully disbursed a total of N173.31 billion to beneficiaries as part of its 100-for-100 Policy on Production and Productivity.
This significant intervention by the CBN aims to boost various sectors of the Nigerian economy and stimulate job creation.
The announcement was made by the Governor of the Central Bank, Godwin Emefiele, during a press conference held in Abuja following the Monetary Policy Committee meeting.
Governor Emefiele revealed that under the 100-for-100 Policy on Production and Productivity, a total of N13.81 billion has been disbursed to three projects within the manufacturing sector alone.
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“This brings the cumulative disbursement under the facility to N173.31 billion, benefiting 81 projects across various sectors,” stated Governor Emefiele. These sectors include 45 manufacturing projects, 23 agriculture projects, five healthcare projects, and eight services sector projects. The implementation of this policy has led to the creation of an estimated 23,343 direct jobs.
The Central Bank’s initiative focuses on selecting 100 private sector companies that demonstrate the potential to significantly increase domestic production and productivity, reduce imports, and enhance non-oil exports.
The overall goal is to improve the foreign exchange-generating capacity of the Nigerian economy.
To ensure the success of the program, the CBN has fixed a maximum loan amount of N5 billion that each participant can access.
The guidelines state that the initiative will be rolled over every 100 days, allowing for a fresh selection of companies to receive financing.
This quarterly turnover ensures a continuous influx of investment into the economy and encourages sustained growth.
In addition, the CBN has emphasized that the initiative will be implemented in collaboration with relevant stakeholders, with a particular focus on assessing the micro and macroeconomic impacts.
The assessment will include evaluating the contribution to the country’s GDP and exports, the number of sustainable jobs created, local content development, production output, capacity utilization, and integration into the global value chain.
The 100-for-100 Policy on Production and Productivity is a strategic move by the CBN to promote economic development, diversification, and resilience in Nigeria.
By providing financial support to carefully selected projects, the bank aims to drive sustainable growth, reduce dependence on imports, and strengthen the country’s position in the global market.