The Central Bank of Nigeria (CBN) has disbursed a total of N23.20 billion to 28 companies whose projects were selected for funding in the maiden batch of its newly introduced “100 for 100 Policy for Production and Productivity (PPP)” initiative.

CBN Governor, Mr. Godwin Emefiele, who disclosed this on Monday in Abuja, also said the apex bank would soon introduce a new foreign exchange (FX) bidding regime. Emefiele spoke at the formal launch of the 100 for 100 PPP scheme.

He explained that the primary objective of the CBN in introducing the initiative was to ensure that priority was accorded to companies that displayed verifiable progress in the bank’s import substitution and job creation drive.

Emefiele said the funds disbursed to beneficiaries of the 100 for 100 policy, which he stressed were loans, followed due screening of the applications received. He said the projects, valued at N23.20 billion, comprised 14 in the manufacturing sector, 12 in the agricultural sector, and two in the healthcare sector.

He assured all current and prospective operators in the industrial sector that the CBN was ready to continue to provide the needed support, financial and otherwise, to fast-track the development of the sector.