28 firms receive N23 billion from CBN’s 100 for 100 funding

 

By Geoff Iyatse

CBN

Twenty-eight companies across the country will receive N23.2 billion under the Central Bank of Nigeria (CBN)’s 100 for 100 funding scheme.

The scheme, the 100 for 100 Policy on Production and Productivity (PPP), was flaggedoff by the apex bank in Abuja on Monday.

The programme is targeted at private companies with projects that can boost local production and create jobs. Through the window, an applicant can apply for as much as N5 billion.

Key performance indicators (KPIs) on economic growth, non-oil exports, import reduction, local capacity, local factor utilisations and others are to assess applicants for selection.

The initiative enables the bank to select 100 companies across sectors. This is to be rolled over every 100 days with a new set of companies.

The first tranche of the fund was released by the CBN through the participating financial institutions (PFIs) during the flagoff. But yesterday, the detailed list was released alongside the PFIs.

According to the statement, the fund is being disbursed through FCMB, Fidelity, Keystone, Stanbic IBTC, Union, Wema and Zenith. The benefiting companies cut across healthcare, manufacturing and agriculture, which dominated the list.