CBN urged to create more awareness for its `100 for 100 Policy’

Manufacturers in Edo and Delta have urged the Central Bank of Nigeria (CBN) to create more awareness about its “.100 for 100 Policy’’ on Production and Productivity (PPP).

Dr Okwara Udensi, the Chairman, the Manufacturers Association of Nigeria (MAN), Edo/Delta chapter, made the appeal in an interview with the News Agency of Nigeria (NAN) in Benin on Thursday.

Udensi said “we don’t know what the 100 for100 policy is all about, we just saw on the newspapers that about 28 companies have benefited from the policy.

“The awareness about the programme is not there, government should bring such policies closer to the relevant stakeholders through seminars and enlightenment programmes.

“For instance, the CBN can organise seminars on the 100 for 100 policy at its different state offices and invite the manufacturers association to attend.

“We can then pass the information down to our members, putting information on the media is not enough to get stakeholders participation.’’

According to him, more stakeholders’ engagement about the policy would make potential beneficiaries get understanding on how to access the funding.

“It could be a good policy, but then, we don’t know what it is all about. We know it was inaugurated some time ago, but we don’t know beyond that,’’ he said.

NAN reports that CBN inaugurated the “100 for 100 PPP’’ initiative in November 2021, to provide funding for private companies with potential to significantly improve the country’s Gross Domestic Products (GDP), reduce imports as well as increase non-oil-export.

The Apex bank would provide funding at a single digit interest rate for 100 targeted private sector companies with projects in 100 days, beginning from Nov. 1, 2021.

NAN reports that the first cycle of beneficiaries comprising 28 companies were given N23.20 billion on Feb. 1, which marked the end of the 100 days to enable them fund their projects.

The bank noted that the 28 companies, out of the 243 applications submitted on its portal, clearly articulated their proposals and their projects were selected for funding.