N53 Billion Disbursed So Far as CBN Lists How to Benefit from 100 for 100 Loan Scheme

 N53 Billion Disbursed So Far as CBN Lists How to Benefit from 100 for 100 Loan Scheme

As of May 2022, the Central Bank of Nigeria (CBN), Nigeria’s central bank, had disbursed out N55.34 billion under the 100r 100 Policy on Production Productivity (PPP) plan.

The data comes from the CBN’s Monetary Policy Committee (MPC) communiqué, which was held on Monday, May 23, 2022.

On November 1, 2021, the scheme will select 100 private sector enterprises with initiatives that have the potential to boost local productivity and Nigeria’s ability to earn foreign cash.

According to Nairametrics, the CBN’s effort is a financial tool targeted at increasing the flow of funds and resources to enterprises that can generate long-term economic growth, structural reform, diversity, and productivity.

According to the CBN, the 100 for 100 loan scheme has disbursed N55.34 billion to 44 projects, 24 of which are in the manufacturing, agricultural, healthcare, and services sectors.

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The apex bank has attempted to boost manufacturing through intervention to aid the sector’s expansion.

How to Apply for CBN 100 for 100 Loan Scheme / How to Benefit from CBN 100 for 100 Loan Scheme

According to the CBN, candidates must be involved in enterprises that import or export products into or out of Nigeria and earn foreign exchange for the country to be eligible for the 100 for100 loans. The CBN stated that they must be non-oil export products.

Candidates must submit their applications to their commercial banks with the necessary documents, which include proof of the company’s formation, such as a certificate of incorporation, three years of audited financial reports, and creditworthiness certification, as well as directors and promoters of the business.

Candidates must also submit two credit reports for the company and its directors, as well as a business plan for the project that requires funding. They should present a full status report on project capabilities, production output, product/efficiency levels, employment levels, and value generation, among other things.

Nicholas Oladipupo

http://olainfo.com.ng

A Nigerian journalist and graduate of Linguistics and Communication Studies. You can reach him via olaissure@gmail.com