Connect with us

Business & Loans

100 for 100 PPP Update: CBN Disburses N29 Billion To 31 Companies

Published

on

100 for 100 PPP Update

100 for 100 PPP Update: CBN Disburses N29 Billion To 31 Companies

Flippstack reports that the Central Bank of Nigeria (CBN) has disbursed over N29 billion to companies that applied for the 100 for 100 Policy on Production and Productivity (PPP).

The Central Bank of Nigeria made this known in their recent Monetary Policy Committee (MPC) meeting, where they stated: “Under the 100 for 100 Policy on Production and Productivity (PPP), the Bank has disbursed the sum of N29.51 billion to 31 projects, comprising 16 in manufacturing, 13 in agriculture, and 2 in healthcare.”

CBN also financed agricultural projects under the CACS scheme as a means of combating food inflation. “The Bank also released N19.15 billion to finance 5 large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS), bringing the total disbursements under the Scheme to N735.17 billion for 671 projects in agro-production and agro-processing.”

This program, which began on November 1st, 2021, will pick 100 private sector enterprises with initiatives that have the potential to considerably increase local productivity and Nigeria’s ability to generate foreign exchange.

Advertisement

The 100 for 100 PPP project is a financial instrument that aims to increase the flow of money and investments to firms that have the ability to catalyze long-term economic growth, accelerate structural transformation, promote diversification, and boost productivity.

Hence, companies in need of funding for projects that will help the CBN achieve its goals can turn to the apex bank for help through the initiative.

Manufacturing, agribusiness and agro-processing, extractive industries, petro-chemicals and renewables, healthcare and pharmaceuticals, logistics services and trade-related infrastructure, and other activities as prescribed by the CBN are all included in the project.

If you are interested and your company matches the requirement, then, below is how to apply

How To Apply

Interested companies are to submit their applications to participating financial instruments (commercial banks) with requisite documentation, which include:

Advertisement
  • Evidence of company incorporation with 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.

How do you get the funds?

  • Participating financial institutions (PFIs) shall receive applications and conduct due diligence on applications based on business and credit considerations.
  • Upon approval by PFI’s credit committee, the lending bank shall forward eligible private sector companies to CBN.
  • The CBN will screen and finance eligible applicants in 100 days and roll over every 100 days.
  • The Bank will conduct an internal review of applications to ensure compliance with stipulated requirements.
  • Then, the CBN releases the approved sum to PFIs for onward disbursement to selected private sector companies.
  • Beneficiaries would be published in National Dailies for the public to confirm details of activities financed.

100 for 100 PPP Update: CBN Disburses N29 Billion To 31 Companies

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

mersin eskort - escort