CBN unveils new policy to fund 28 private sector companies to boost production

CBN unveils new policy to fund 28 private sector companies

Twenty eight companies are to get twenty three point two billion naira credit funding under the Central Bank of Nigeria’s 100 for hundred policy on production and productivity.

The apex bank expects this to boost the beneficiaries” production capacity and help the country generate additional 125.8 million dollars in foreign exchange  earnings while creating 20,000 direct and indirect jobs.

The policy  provides that local manufacturers across sectors  have access to funds of not more than five billion naira every hundred days.

The money is primarily to allow them import equipment critical to upscaling their output.

Two hundred and forty three applications valued at 321.06 billion naira were initially received by the CBN  through the commercial banks but were shortlisted to twenty eight  .

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