Beneficiaries of 100 for 100 Policy By CBN

The Central Bank of Nigeria (CBN) has released the full list of the beneficiaries of 100 for 100 policy spreading across three major sectors Wednesday, February 2, 2022.

The list which is published on the official website of CBN shows that a total of NGN23.2 billion were disturbed to 28 companies in three major sectors:

  1. Manufacturing sector: 14
  2. Agriculture sector: 12
  3. Healthcare sector: 2

Aim of the 100 for 100 Policy

At the official launch of the 100 for 100 Policy for Production and Productivity (PPP), apex bank governor Godwin Emefiele stated that the programme would create over 20,000 jobs.

He also maintained that the policy would generate about $125.8m in foreign exchange earnings which we pointed out in our earlier article on how the 100 for 100 policy would increase the value of Naira at the foreign exchange market.

Emefiele said:

“It is important to note that five of the selected projects are greenfield projects seeking to exploit the huge opportunities in key sectors of our economy.”

The document also showed that only companies from 12 states including the Federal Capital Territory, Abuja, benefited from the first batch of disbursements.

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Below are the states where the companies are located:

  1. Abia: one company
  2. Lagos: 11 firms
  3. Ogun: 5 companies
  4. Kano: 1 firm
  5. Anambra: 1
  6. Rivers: 1
  7. Oyo: 3 companies
  8. Edo: 1
  9. Kaduna: 1
  10. Taraba: 1
  11. Cross River: 1
  12. FCT: 1

CBN’s Beneficiaries of 100 for 100 Policy

S/NName of BeneficiariesAmount Disbursed (NGN)SectorPurpose of LoanBeneficiary LocationTotal Score
1UCIKO Nig LTD150,750,000ManufacturingPurchase of biscuit production machinesAbia State73
2Springfield Agro Limited870,000,000AgricultureConstruction and installation of cold room storage facilityLagos State82
3Mecure Healthcare1,500,000,000HealthcarePurchase of equipment for Oncology centreLagos State68
4Vital Products PLC900,841,000ManufacturingPurchase of machinery for Tomato paste productionLagos State77
5Jubaili Agrotec896,000,000ManufacturingPart-finance procurrement of herbicides/pesticidesLagos State71
6Summit Health Care300,000,000HealthcareExpansion of eye care specialist hospitalLagos State64
7Aikson Global ASS LTD400,000,000ManufacturingPurchase and installation of rapida 75 brand of printing machineLagos State78
8Metal World Recycling Ltd150,000,000ManufacturingPurchase of machinery for the Production of AluminiumLagos State83
9Reliance Chemical Products Limited1,250,000,000ManufacturingSetting up Silicate Production PlantLagos State81
10Sarsoli Industrial Company Limited2,000,000,000ManufacturingCalcium-carbonate manufacturing, Filler and black master batchesLagos State81
11J.O.F. Nigeria Limited1,200,000,000ManufacturingCompletion of salt factoryLagos State61
12Salient Industries LTD2,500,000,000ManufacturingManufacturing of flexible pacLagos State81
13Jeokol Farm Limited90,000,000AgricultureExpansion of Poultry operationsOgun State86
14Harvest Feed & Agro Processing LTD347,760,000AgricultureExpand agro-chemical processing plantOgun State79
15RotoPrint Limited590,000,000ManufacturingFlexible packaging productsOgun State71
16Sonhart Investment Ltd734,000,000ManufacturingExpansion of factory for manufacturing of industrial plasticsOgun State74
17Pally Agro Products LTD400,000,000AgricultureConstruction of warehousesOgun State65
18Diamond Super Sacks LTD2,000,000,000ManufacturingAcquisition of Woven Sacks & Polytwines making machineKano State82
19Juddy Bolema Industries Limited1,300,000,000ManufacturingExpansion of existing factory and purchase of plant and machinery for the Recycling of plastic wasteAnambra State86
20Lamb Ranches Limited998,045,055AgricultureAcquisition of farm inputs for Cattle BreedingRivers State73
21Transnational Green Pastures LTD95,000,000AgriculturePart-finance importation of broiler farming plantOyo State69
22Food Solutions Livestock Limited450,000,000AgricultureExpansion of Poultry farming operationsOyo State87
23Lofeta Global Merchants Company Limited120,000,000AgricultureTo finance the construction of a 20,000 per day automated poultry processing plantOyo State74
24Wewood Limited1,000,000,000AgricultureFinance 100% cost of warehousesEdo State84
25Premier Seed Nigeria LTD500,000,000AgricultureFinancing of Seed productionKaduna State80
26Taraba Farms Limited500,000,000AgricultureLivestock Production and commercial grazingTaraba57
27Crutech Consultancy Services Limited60,000,000AgricultureFinance establishment of an integrated agricultural farmCross River State73
28Lanre Shittu Motors1,900,000,000ManufacturingFor the expansion of phase 2 of local Automobile assembling PlantFCT, Abuja75
First Batch of 100 For 100 Approved Applications As At January 28, 2022. Source: cbn.gov.ng

The approved applications are the first batch as the apex bank says the credit facility would be made available for qualified companies every 100 days and released the guidelines for the application process.

What CBN Should Do Next:

The efforts of the government through CBN should be commended. But disbursing these monies are not enough. We expect the apex bank to constitute an independent body that will monitor the progress of the programme.

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Among other responsibilities of the monitoring group should be:

  1. to ensure that the monies are spent for the purpose they are meant,
  2. to report any infractions by the beneficiaries.

One of the major problems confronting Nigeria is the inability to monitor the progress of brilliant ideas and programmes by the government as we’ve seen in the past

We hope that the 100 for 100 PPP by the apex bank will not be another opportunity to dole out monies to those who are politically connected to heavyweights in the political corridor.

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