Abuja, Nigeria – In a bid to enhance domestic production and productivity, the Central Bank of Nigeria (CBN) has successfully distributed a staggering sum of N173.31 billion under its transformative 100-for-100 Policy. This groundbreaking initiative, announced by CBN Governor Godwin Emefiele during the Monetary Policy Committee meeting, aims to propel the Nigerian economy forward by supporting key sectors.
Under the 100-for-100 Policy, the CBN has disbursed a significant amount of N13.81 billion to three manufacturing projects, marking a substantial milestone in boosting the sector’s growth. With this latest distribution, the cumulative disbursement under the program now stands at N173.31 billion, benefiting a total of 81 projects across diverse industries including manufacturing, agriculture, healthcare, and services.
The CBN’s visionary approach sets a maximum credit limit of N5 billion for each participant, ensuring that the funding reaches a wide range of deserving enterprises. The selection process, in accordance with the bank’s guidelines, identifies 100 private sector companies with projects capable of significantly driving domestic production, reducing imports, promoting non-oil exports, and ultimately strengthening Nigeria’s foreign exchange generation capacity.
To ensure the program’s effectiveness, the 100-for-100 initiative operates on a quarterly basis, with a new set of companies selected for financing every 100 days. The apex bank will work closely with key stakeholders to assess the program’s macroeconomic impact on the GDP and exports, while also prioritizing sustainable job creation, local content development, production output growth, capacity utilization, and integration into the global value chain.
The successful implementation of the 100-for-100 Policy underscores the CBN’s unwavering commitment to fostering a resilient and self-sustaining Nigerian economy. With N173.31 billion already injected into critical sectors, this initiative is set to unleash the nation’s vast potential, drive economic growth, and solidify its position as a global player.