The Central Bank of Nigeria (CBN) has set N5billion maximum loan limit that a participant can receive from the ‘100 for 100 PPP’ – Policy on Production and Productivity.
The CBN in its guidelines for the implementation of the initiative, beyond N5billion shall require the special approval of CBN’s management.
It said, “Quarterly, starting from November 1, 2021, the initiative shall select 100 private sector companies with projects that have potential to significantly increase domestic production and productivity, reduce imports, increase non-oil exports, and overall improvements in the foreign exchange generating capacity of the Nigerian economy.
“The initiative, which shall be bank-led, will be rolled over every 100 days (that is, quarterly) with a new set of companies selected for financing under the initiative.”
“Loan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management,” it said.
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It said the interest rate under the intervention would be at not more than five percent per annum (all-inclusive) up to February 28, 2022.
He added that interest on the facility would revert to nine percent p.a. (all-inclusive), effective from March 1, 2022.
