CBN launches interest free loans to support 100 small businesses every 100 days
The Central Bank of Nigeria (CBN) has launched interest free loans called ‘The 100 for 100 PPP’ (Policy on Production and Productivity) to support 100 small businesses every 100 days.
The 100 for 100 PPP business financial scheme is expected to empower 100 companies every 100 days, and hundreds more in the coming months, the governor of the Central Bank of Nigeria, Godwin Emefiele, says.
Mr Emefiele says the move is to reverse the country’s over-reliance on imports, adding that the new PPP initiative will be anchored in the Development Finance Department of the bank under his direct supervision and is expected to boost local production and productivity in critical sectors of the economy.
The 100 for 100 PPP business loan scheme is expected to empower 100 small businesses every 100 days, and hundreds more in the coming months, the governor of the Central Bank of Nigeria, Godwin Emefiele, says.
Mr Emefiele made the statement at the official launch of the Central Bank Digital Currency at the State House in Abuja on Monday.
Under this policy, Emefiele says the CBN will advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021, and rolling over every 100 days with a new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.
“Working through banks, the financial instrument will be available to their customers in critical areas to boost the production and productivity and to immediately transform and jumpstart the productive base of the economy,” he said.
“After these 100 projects by companies in the first hundred days from November 1, we will take the next 100 companies/projects for another 100 days beginning February 1, 2022, and then another 100 companies for another 100 days beginning from May 1, 2022.”
The bank has launched several initiatives in recent years to support Nigeria’s private sector, as it battles an importation-fuelled foreign exchange crisis that has sent the Naira crashing over 30 per cent in the last one year.
“We believe that if we target and support the right companies and projects, we will see a significant, measurable and verifiable increase in local production and productivity, reduction in certain imports, increase in non-oil exports, and improvements in the FX-generating capacity of the economy.
“This, in my view, is the best and most sustainable way to address the Naira’s value – whether in hard currency or digital eNaira – through production, production and more production,” he added.
Last week, it unveiled business loans which comprise N5million for individual projects and N20million for partnership and company’s projects for graduates and undergraduates of tertiary institutions.
The scheme called the Tertiary Institutions Entrepreneurship Scheme (TIES), is to inspire undergraduates and graduates away from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation. It also aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development.
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