CBN’s 100 for 100 beneficiaries could access N5bn per obligor in loan support
The Central Bank of Nigeria (CBN) has set a maximum of N5 billion long-term loan facilities per obligor for the acquisition of plants and machinery, as well as working capital, to support private sector companies, the apex bank said as it released guidelines for its “Policy on Production and Productivity” initiative, through the “100 projects for every 100 days” project. The CBN guidelines explained that the production for productivity initiative was designed to support the Federal Government‘s drive towards boosting productivity and economic diversification. The bank also added that on the approved amount per obligor, any amount above N5 billion per obligor would require special approval of its management The CBN in November unveiled its new 100 for 100 PPP (Policy on Production and Productivity) which it said is aimed at supporting 100 companies that have the greatest potential to achieve significant scale in their local production for domestic consumption and exports. The...