Emefiele flag off 100 for 100 Policy on Production and Productivity today
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele is scheduled to flag-off the 100 for 100 Policy on Production and Productivity (PPP) today at CBN headquarters in Abuja. Recall that the CBN launched the 100 for 100 Policy on Production and Productivity (PPP) targeted at private companies who have a project to […]
Ex-Governor of CBN, Godwin Emefiele
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele is scheduled to flag-off the 100 for 100 Policy on Production and Productivity (PPP) today at CBN headquarters in Abuja.
Recall that the CBN launched the 100 for 100 Policy on Production and Productivity (PPP) targeted at private companies who have a project to fund and can apply for as much as N5 billion under the scheme.
Once the apex bank can determine that the private company can have a substantial impact on the economy through “Performance Indicators (KPIs)”, the company would be selected. The CBN would screen and finance eligible private sector companies in 100 days, and rollover every 100 days.
The CBN is prepared to select 100 private sector companies with projects that have the potential to significantly increase domestic production and productivity, reduce imports, increase non-oil exports, and overall improvements in the foreign exchange generating capacity of the Nigerian economy.
The initiative, which would 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.
The initiative shall be funded from the CBN’s Real Sector Support Facility-Differentiated Cash Reserve Requirement (RSSF-DCRR) window or any other funding window as may be determined by the CBN.
Monthly interests on the facility shall be amortised and transferred quarterly with principal repayments to the CBN. The interest rate under the intervention shall not be more than 5.0% p.a. (all-inclusive) up to 28th February 2022, thereafter, interest on the facility shall revert to 9% p.a. (all-inclusive) effective from 1st March 2022.