The Central Bank of Nigeria has disbursed N55.34 billion under the 100 for 100 Policy on Production and Productivity (100 for100 PPP) as of May 2022.
This is according to data obtained from the Centra Bank of Nigeria Communiqué No. 142 of the Monetary Policy Committee meeting held on Monday 23rd and Tuesday 24th May 2022
This program, which launched on November 1, 2021, will select 100 private sector businesses with projects that have the potential to boost local productivity and Nigeria’s ability to produce foreign exchange.
The 100 for 100 PPP initiative is a financial instrument aimed at increasing the flow of money and capital to companies that can catalyze long-term economic growth, accelerate structural transformation, promote diversity, and raise productivity.
What CBN is saying
Speaking in the communique, the CBN said, “The Bank disbursed N55.34 billion, under the 100 for 100 Policy on Production and Productivity (100 for100 PPP), to 44 projects, comprising 24 in manufacturing, 17 in agriculture, 2 in healthcare, and 1 in the services sector.”
The CBN also have tried to boost manufacturing through the bank’s intervention. “To support the growth of the manufacturing sector, the Bank disbursed the sum of N436.85 billion to 34 new projects under the N1.0 trillion Real Sector Support Facility (RSSF). This was utilized for both greenfield (new) and brownfield (expansion) projects under the COVID-19 Intervention for the Manufacturing Sector (CIMS) and the Real Sector Support Facility from Differentiated Cash Reserve Requirement (RSSF-DCRR).“
The bank added “Cumulative disbursement under the RSSF for the financing of 402 real sector projects across the country, currently stands at N2.10 trillion.”
How to apply for the 100 for 100 PPP Loans
You might be a good candidate for a CBN loan if your company’s aims include stimulating import substitution of specific commodities, raising local production and productivity, growing non-oil exports, and improving the economy’s foreign exchange earning potential.
The next step is to submit your application to commercial banks together with the required documents, which comprise the following:
- Evidence of a company’s formation, such as a certificate of incorporation.
- Corporate Affairs Commission (CAC)
- Three years of audited financial reports.
- Evidence of the company’s creditworthiness, including its promoters and directors.
- A minimum of two credit reports of the company and directors.
- Business plan of the underlying project in need of financing.
- Detailed status report on project’s capacity utilization, production output, productivity/efficiency level, employment level, value creation.
- Detailed report on the post-financing economic benefit of the project.
- Applicants shall notify CBN of submitted applications via a dedicated online portal https://100for100ppp.ng/ for tracking and monitoring application status.