The Central Bank of Nigeria (CBN) on November 1, 2021, started the 100 for 100 Policy on Production and Productivity (PPP). The initiative is to select 100 private sector companies with projects that have the potential to significantly boost local productivity and the foreign exchange generating capacity of Nigeria.
The loan limit under the initiative is N5 billion, while applications above N5 billion may be considered subject to the approval of CBN. Term loans must have a maximum tenor of 10 years, depending on the project’s complexity, and must be paid off by December 31, 2031.
Nigerian entrepreneurs can apply to get funding if their businesses align with the CBN’s objective to stimulate the economy. The various types of businesses the initiative covers are manufacturing, agribusiness and agro-processing, extractive industries, petro-chemicals and renewables, healthcare and pharmaceuticals, logistics services and trade-related infrastructure.
- Evidence of company incorporation with Corporate Affairs Commission (CAC)
- Three years of audited financial reports.
- Evidence of the company’s creditworthiness, including its promoters and directors.
- A minimum of two credit reports of the company and directors.
- Business plan of the underlying project in need of financing.
- Detailed status report on project’s capacity utilization, production output, productivity/efficiency level, employment level, value creation.
- Detailed report on the post-financing economic benefit of the project.
- Applicants shall notify CBN of submitted applications via a dedicated online portal https://100for100ppp.ng/ for tracking and monitoring application status.
Apply here: https://100for100ppp.ng/submit-applicatio
To get your loan
- Participating financial institutions (PFIs) shall receive applications and conduct due diligence on applications based on business and credit considerations.
- Upon approval by PFI’s credit committee, the lending bank shall forward eligible private sector companies to CBN.
- The CBN will screen and finance eligible applicants in 100 days and roll over every 100 days.
- The Bank will conduct an internal review of applications to ensure compliance with stipulated requirements.
- Then, the CBN releases the approved sum to PFIs for onward disbursement to selected private sector companies.
- Beneficiaries would be published in National Dailies for the public to confirm details of activities financed.