{"id":10317,"date":"2022-02-01T07:39:37","date_gmt":"2022-02-01T07:39:37","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=10317"},"modified":"2022-02-01T07:39:37","modified_gmt":"2022-02-01T07:39:37","slug":"28-beneficiaries-receives-n23-2bn-loans-from-cbn","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/02\/01\/28-beneficiaries-receives-n23-2bn-loans-from-cbn\/","title":{"rendered":"28 beneficiaries receives N23.2bn loans from CBN"},"content":{"rendered":"<p>The <a href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/01\/30\/cbn-releases-gsi-framework-aimed-at-checking-bad-loans-in-banking-sector\/\">Central Bank of Nigeria (CBN)<\/a> on Monday gave out N23.2 billion in loans to 28 beneficiaries, as it inaugurated its new \u201c100 for 100\u201d Policy on Production and Productivity (PPP).<\/p>\n<p>The News Agency of Nigeria (NAN) reports that the PPP was initiated by the apex bank to encourage productivity and jump-start the productive base of the economy.<\/p>\n<p>The ultimate goal of the policy is to reverse the nation\u2019s reliance on imports by creating an echo system that targets and supports the right companies and projects.<\/p>\n<p>Mr Godwin Emefiele, the CBN Governor, speaking at the inauguration, said that the initiative was designed to stimulate investments in Nigeria\u2019s priority sectors with the core objective of boosting production and productivity.<br \/>\nAccording to Emefiele, the initiative would aid efforts to stimulate greater economic growth and opportunities.<\/p>\n<p>He added that the programme would create access to cheap credit for both new and existing productive ventures.<\/p>\n<p>\u201cUnder this initiative, every 100 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 machinery.<\/p>\n<p>\u201cThis programme has potential to significantly accelerate manufacturing output, promote further diversification of our economy and enable faster growth of non-oil exports,\u201d he said.<\/p>\n<p>He added that the PPP initiative would stimulate productivity in agriculture, healthcare, manufacturing, logistics, services, trade-related infrastructure and renewable energy.<\/p>\n<p>Emefiele said that 100 eligible companies in priority sectors would be selected to receive funding from the apex bank every 100 days beginning from November, 2021.<\/p>\n<p>He said that 28 companies were found eligible and selected for funding in the first instance, with projects valued at N23.2 billion.<\/p>\n<p>Also speaking, the Minister of Labour and Productivity, Dr Chris Ngige, said that the programme was a proof of the apex bank\u2019s commitment to spearheading initiatives that would spur productivity and economic growth in Nigeria.<\/p>\n<p>\u201cProductivity forms the basis for everything we are doing. To come up with such an initiative that benefits all key sectors means that the CBN has keyed into the fact that we need to produce, \u201d he said<\/p>\n<p>The Secretary to the Government of the Federation, Mr Boss Mustapha, said that the policy was coming at the time that economic diversification and local production of finished goods and services was needed.<\/p>\n<p>In an address delivered on his behalf by Dr Hadiza Lawal, Permanent Secretary, Ecological Project Office, Mustapha commended the CBN for living up to expectations in formulating interventions that can grow the economy.<\/p>\n<p>\u201cOver the years, the CBN has shown the capacity in modeling and pushing through programmes and initiatives that will facilitate the realisation of its core mandates of ensuring financial system stability and promotion of economic policies and strategies, \u201d he said.<\/p>\n<p>On his part, Mr Albert Wigwe, the Managing Director of Access Bank, pledged the support of Deposit Money Banks to the initiative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) on Monday gave out N23.2 billion in loans to 28 beneficiaries, as it inaugurated its new \u201c100 for 100\u201d Policy on Production and Productivity (PPP). The News Agency of Nigeria (NAN) reports that the PPP was initiated by the apex bank to encourage productivity and jump-start the productive base [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":10366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[19],"tags":[162],"class_list":["post-10317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>28 beneficiaries receives N23.2bn loans from CBN &#187; BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/02\/01\/28-beneficiaries-receives-n23-2bn-loans-from-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"28 beneficiaries receives N23.2bn loans from CBN\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) on Monday gave out N23.2 billion in loans to 28 beneficiaries, as it inaugurated its new \u201c100 for 100\u201d Policy on Production and Productivity (PPP). 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