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:
- Manufacturing sector: 14
- Agriculture sector: 12
- 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.
“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.
Below are the states where the companies are located:
- Abia: one company
- Lagos: 11 firms
- Ogun: 5 companies
- Kano: 1 firm
- Anambra: 1
- Rivers: 1
- Oyo: 3 companies
- Edo: 1
- Kaduna: 1
- Taraba: 1
- Cross River: 1
- FCT: 1
CBN’s Beneficiaries of 100 for 100 Policy
|S/N||Name of Beneficiaries||Amount Disbursed (NGN)||Sector||Purpose of Loan||Beneficiary Location||Total Score|
|1||UCIKO Nig LTD||150,750,000||Manufacturing||Purchase of biscuit production machines||Abia State||73|
|2||Springfield Agro Limited||870,000,000||Agriculture||Construction and installation of cold room storage facility||Lagos State||82|
|3||Mecure Healthcare||1,500,000,000||Healthcare||Purchase of equipment for Oncology centre||Lagos State||68|
|4||Vital Products PLC||900,841,000||Manufacturing||Purchase of machinery for Tomato paste production||Lagos State||77|
|5||Jubaili Agrotec||896,000,000||Manufacturing||Part-finance procurrement of herbicides/pesticides||Lagos State||71|
|6||Summit Health Care||300,000,000||Healthcare||Expansion of eye care specialist hospital||Lagos State||64|
|7||Aikson Global ASS LTD||400,000,000||Manufacturing||Purchase and installation of rapida 75 brand of printing machine||Lagos State||78|
|8||Metal World Recycling Ltd||150,000,000||Manufacturing||Purchase of machinery for the Production of Aluminium||Lagos State||83|
|9||Reliance Chemical Products Limited||1,250,000,000||Manufacturing||Setting up Silicate Production Plant||Lagos State||81|
|10||Sarsoli Industrial Company Limited||2,000,000,000||Manufacturing||Calcium-carbonate manufacturing, Filler and black master batches||Lagos State||81|
|11||J.O.F. Nigeria Limited||1,200,000,000||Manufacturing||Completion of salt factory||Lagos State||61|
|12||Salient Industries LTD||2,500,000,000||Manufacturing||Manufacturing of flexible pac||Lagos State||81|
|13||Jeokol Farm Limited||90,000,000||Agriculture||Expansion of Poultry operations||Ogun State||86|
|14||Harvest Feed & Agro Processing LTD||347,760,000||Agriculture||Expand agro-chemical processing plant||Ogun State||79|
|15||RotoPrint Limited||590,000,000||Manufacturing||Flexible packaging products||Ogun State||71|
|16||Sonhart Investment Ltd||734,000,000||Manufacturing||Expansion of factory for manufacturing of industrial plastics||Ogun State||74|
|17||Pally Agro Products LTD||400,000,000||Agriculture||Construction of warehouses||Ogun State||65|
|18||Diamond Super Sacks LTD||2,000,000,000||Manufacturing||Acquisition of Woven Sacks & Polytwines making machine||Kano State||82|
|19||Juddy Bolema Industries Limited||1,300,000,000||Manufacturing||Expansion of existing factory and purchase of plant and machinery for the Recycling of plastic waste||Anambra State||86|
|20||Lamb Ranches Limited||998,045,055||Agriculture||Acquisition of farm inputs for Cattle Breeding||Rivers State||73|
|21||Transnational Green Pastures LTD||95,000,000||Agriculture||Part-finance importation of broiler farming plant||Oyo State||69|
|22||Food Solutions Livestock Limited||450,000,000||Agriculture||Expansion of Poultry farming operations||Oyo State||87|
|23||Lofeta Global Merchants Company Limited||120,000,000||Agriculture||To finance the construction of a 20,000 per day automated poultry processing plant||Oyo State||74|
|24||Wewood Limited||1,000,000,000||Agriculture||Finance 100% cost of warehouses||Edo State||84|
|25||Premier Seed Nigeria LTD||500,000,000||Agriculture||Financing of Seed production||Kaduna State||80|
|26||Taraba Farms Limited||500,000,000||Agriculture||Livestock Production and commercial grazing||Taraba||57|
|27||Crutech Consultancy Services Limited||60,000,000||Agriculture||Finance establishment of an integrated agricultural farm||Cross River State||73|
|28||Lanre Shittu Motors||1,900,000,000||Manufacturing||For the expansion of phase 2 of local Automobile assembling Plant||FCT, Abuja||75|
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.
Among other responsibilities of the monitoring group should be:
- to ensure that the monies are spent for the purpose they are meant,
- 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.