The Central Bank of Nigeria (CBN) yesterday released list of seven commercial banks involved in the first batch of ‘’100 for 100 Policy for Production and Productivity (PPP)” initiative.
The banks disbursed N23.2 billion as loans to 28 manufacturers, agro-allied businesses and healthcare providers in the maiden phase of the project.
The “100 for 100 PPP” – Policy on Production and Productivity”, is anchored in CBN’s Development Finance Department under CBN Governor, Godwin Emefiele’s supervision.
The PPP financial instrument is expected to reverse Nigeria’s over-reliance in imports by strengthening domestic production of imported products.
In a report posted on the CBN’s website, the apex bank named Zenith Bank, Fidelity Bank, Stanbic IBTC Bank, Wema Bank, FCMB, Union Bank and Keystone Bank as handlers of the first beneficiaries of the PPP initiative.
The list showed that Zenith Bank disbursed a total of N9.2 billion to 11 companies, which cut across manufacturing, agriculture and healthcare.
The list showed that N2 billion was loaned to Sarsoli Limited, a Lagos-based company for the purchase of calcium-carbonate, filler and black master batches. Another N1.2 billion went to J.O.F Nigeria Limited, for the completion of salt factory in Lagos, among others.
Fidelity Bank disbursed a total of N5.7 billion to four companies in the manufacturing and healthcare sectors. It loaned N2 billion to Diamond Super Sacks Limited for the acquisition of woven sacks, and polytwines making machine for its Kano-based company.
Mecure Company, a Lagos-based healthcare company, also secured N1.5 billion loan for the purchase of equipment for Onchology Centre while Juddy Bolema Industries Limited got N1.3 billion for the expansion of existing factory and purchase of plant and machinery for the recycling of plastic waste.
Likewise, Stanbic IBTC Bank disbursed a total of N3.32 billion to four companies manufacturing and agriculture sectors. The bank disbursed N1.9 billion to Lanre Shittu Motors, for the expansion of phase 2 of local automobile assembling plant in Federal Capital Territory, Abuja. The bank also disbursed N1 billion to Wewood Limited to finance 100 per cent cost of warehouse in Edo State, among others.
First City Monument Bank disbursed N1.1 billion to three companies involved in manufacturing and agriculture; Wema Bank disbursed N450 million to Food Solutions Livestock Limited for the expansion of poultry farming operations in Oyo State.
While Union Bank disbursed N2.3 billion to three companies in agriculture and manufacturing, Keystone Bank disbursed N998 million to Lamb Ranches Limited for the acquisition of farm inputs for cattle breeding in Rivers State.
CBN Governor, Godwin Emefiele, said at the formal launch of the 100 for 100 PPP scheme that the primary objective of the CBN in introducing the initiative was to ensure that priority was accorded to companies that displayed verifiable progress in the bank’s import substitution and job creation drive.
Emefiele said the funds disbursed to beneficiaries of the 100 for 100 policy, were loans, and followed due screening of the applications received.
He assured all current and prospective operators in the industrial sector that the CBN was ready to continue to provide the needed support, financial and otherwise, to fast-track the development of the sector.
Emefiele said the central bank would continue to provide all the needed support for the importation of plants and equipment to actualise investments in new greenfield or existing brownfield projects.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
