Speaking at the launch on Monday in Abuja, Emefiele said that the primary objective of the scheme was to ensure that priority was accorded to companies that displayed verifiable progress in the bank’s import substitution and job creation drive.
The CBN Governor said the funds disbursed to beneficiaries of the 100 for 100 policy were loans and they selected following due screening of the applications received.
According to Emefiele, the projects valued at N23.20 billion, comprised 14 in the manufacturing sector, 12 in the agricultural sector, and two in the healthcare sector.
“Following due screening of the applications received, I am pleased to inform you that 28 companies with projects that have clearly articulated proposals were selected for funding. These projects, valued at N23.20 billion, comprise 14 in the manufacturing sector, 12 in the agricultural sector, and 2 in the healthcare sector. When fully operational, these projects are expected to create over 20,000 direct and indirect jobs across multiple sectors of the economy, as well as generate close to $125.80 million in foreign exchange earnings. It is important to note that five (5) of the selected projects are greenfield projects seeking to exploit the huge opportunities in key sectors of our economy”, he said.
Emefiele pledged that the apex bank would continue to provide all the needed support for the importation of plants and equipment to actualise investments in new greenfield or existing brownfield projects.
He stated that for this first cycle of the 100 for 100 policy, which ended on Monday, 243 applications valued at N321.06 billion, spread over key sectors, including agriculture, energy, healthcare, manufacturing, and services sectors, were submitted on the portal.
The CBN boss explained that after much engagement, 79 applications valued at N121.87 billion, were received from banks for projects in six sectors, namely agriculture, energy, healthcare, manufacturing, mining, and services sectors. He said the requests were carefully screened and scrutinised against a set-out selection criteria, and were categorised into production efficiency and scalability; local content capacity; job creation and human capital development; operating sector relevance; and potential contribution to economic growth.
“Under this initiative, every hundred days, manufacturers in critical sectors that seek to engage in greenfield projects or in expanding their existing facilities will have access to cheaper forms of credit at single digit rates, as well as foreign exchange to procure plants and machineries. This programme has the potential to significantly accelerate manufacturing output, promote further diversification of our economy and enable faster growth of our non-oil exports. More specifically, the PPP will help to reduce our over-reliance on imports, and stimulate productivity in agriculture, healthcare, manufacturing, extractive industries, logistics services, trade-related infrastructure, and renewable energy,” he stressed.
Emefiele had stated that the 100 for 100 PPP initiative, explained as Policy on Production and Productivity, will empower 100 companies in 100 days, and hundreds more in the coming months.