CBN Dishes Out N23bn to 28 Manufacturers
CBN GOVERNOR
Twenty-eight companies have benefited the sum of N23bn for funding of new projects under “100 for 100 Policy for Production and Productivity (PPP) introduced by the Central Bank of Nigeria.
This was announced by the CBN Governor, Mr. Godwin Emefiele, who also hinted of plans to introduce a new foreign exchange bidding exercise.
Emeifele who spoke while launching the 100 for 100 PPP scheme explained that the N23bn was disbursed to companies which displayed progress in CBN’s import substitution and job creation initiative.
He said that the funds were loans whose beneficiaries were screened before being enlisted.
The beneficiaries were 14 in the manufacturing sector, 12 in the agric sector and two from the healthcare sector.
He said that the apex bank will continue to give such support to fast-track the development of the sector.
Emefiele also said the bank will also continue to provide support for those who want to import plans and equipment for their investments in Greenfield or existing brownfield projects.
He said more companies will still be selected after the CBN had revisited some of the applications that were dropped.
For instance, 243 applications valued at N321.06 billion, were first received before the apex bank selected 28 companies based on the articulation of their proposals.
On the FX policy which he said is being worked on, he said, “We want to see to it that you are conducting business activities that reduce our imports and reduce your level of import, reduce your reliance on raw materials imports. But rather, there would be plants, equipment, spares priority and also ensure that by the time you are in business, the level of import you need will be very minimal, if not entirely zero.
“Those will be the kinds of companies we will accord priority in FX allocation going forward.”
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