The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has launched the 100 for 100 policy on Production and Productivity (PPP), aimed at boosting manufacturing and cresting jobs for the unemployed population in the country.
The Apex Bank Governor, Emefiele also presented with cheques worth N23.2 Billion to 28 beneficiaries, which comprised 14 companies in the manufacturing sector, 12 in the agricultural sector, and 2 in the healthcare sector.
Mr. Emefiele who further disclosed that the 100 for 100 PPP was designed by the CBN to stimulate investments in Nigeria’s priority sectors with the core objective of boosting production and productivity, also said that these will aid Nigeria’s efforts to stimulate greater growth of the economy and create employment opportunities.
He said that, “under the initiative, every hundred days, manufacturers in critical sectors that seek to engage in greenfield projects or in expanding their existing facilities will have access to cheaper forms of credit at single digit rates, as well as foreign exchange to procure plants and machineries.”
He noted that the programme has the potential to significantly accelerate manufacturing output, promote further diversification of the economy and enable faster growth of Nigeria’s non-oil exports. Additionally, he also said that the PPP will help to reduce the country’s over-reliance on imports, and stimulate productivity in agriculture, healthcare, manufacturing, extractive industries, logistics services, trade-related infrastructure, and renewable energy.
Specifically, he said the scheme aimed at creating more than 20,000 jobs and expected to generate over US$125.80 million in foreign exchange earnings.
Other speakers at the launch, includes the Minister of Labour and Employment, Dr. Chris Ngige, the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, who was represented by the Permanent Secretary, Ecological Fund Office, Dr, Habiba Lawal.
The seven Participating Financial Institutions (PFIs) – FCMB, Fidelity, Keystone, Stanbic IBTC, Union Bank, Wema Bank and Zenith Bank