N55.34 billion has been disbursed by the Central Bank of Nigeria under the 100 for 100 Policy on Production and Productivity (100 for100 PPP) as of May 2022.
This is according to data obtained from the Central Bank of Nigeria Communiqué No.142 of the Monetary Policy Committee meeting held on Monday 23rd and Tuesday 24th May 2022
The 100 for 100 PPP was launched on November 1, 2021, and it is set to select 100 private sector businesses with projects that have the ability to boost local productivity and Nigeria’s ability to produce foreign exchange.
The program aims at increasing the flow of money and capital to companies and can also boost long-term economic growth, raise productivity, accelerate structural transformation, and promote diversity.
Speaking in the communique, the CBN said, “The Bank disbursed N55.34 billion, under the 100 for 100 Policy on Production and Productivity (100 for100 PPP), to 44 projects, comprising 24 in manufacturing, 17 in agriculture, 2 in healthcare, and 1 in the services sector.”
To support the growth of the manufacturing sector, the Bank disbursed the sum of N436.85 billion to 34 new projects under the N1.0 trillion Real Sector Support Facility (RSSF).
This was utilised for both greenfield (new) and brownfield (expansion) projects under the COVID-19 Intervention for the Manufacturing Sector (CIMS) and the Real Sector Support Facility from Differentiated Cash Reserve Requirement (RSSF-DCRR).“
The bank added, “Cumulative disbursement under the RSSF for the financing of 402 real sector projects across the country, currently stands at N2.10 trillion.”