Emefiele Flags Off Project 100 For 100

Came through the recipient for the banks valued at 121.87 billion naira. It means the applications that we received went through some very stringent process of screening to ensure that they meet our requirements. Your Excellencies, distinguished ladies and gentlemen, following this screening of the applications received, I'm pleased to inform you that unfortunately only 28 companies with projects that have clearly articulated proposals were selected for funding. This project valued at 23.20 billion naira comprised 14 in the manufacturing sector, 12 in the agricultural sector, and two in the health sector. When fully operational, these projects are expected to create over 20,000 direct and indirect jobs across multiple sectors of our economy, as well as generate close to 125.8 million dollars in foreign exchange earnings. 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. Let me say that you could see I used the word 'unfortunately only about 28 companies came through CBN's process.' We'll go back and review the list of those who may have issues that we would like to deal with and see how more and more companies qualify for these, because this is a noble idea that is meant to stimulate manufacturing output in Nigeria, create jobs for our people, reduce over-reliance on imports, and effectively grow our economy. Your Excellencies, distinguished ladies and gentlemen, permit me at this juncture to mention other intervention programs and schemes of the CBN targeted at catalyzing production and productivity in the real sector of our economy. These interventions include the 1 trillion naira real sector facility, the Anchor Borrowers' Program, the Commercial Agricultural Credit Scheme, the Non-Oil Export Stimulation Facility, and the Textile Sector Intervention Facility. We are engaging and we will also be discussing extensively with the banks, particularly on the Non-Oil Export Stimulation Facility in the coming days, because we feel that at this stage, while we are pursuing a program of import substitution, we should also seek to think of the best ways to diversify the foreign exchange earning space in the country. And we think that Nigeria, with all the opportunities and potentials, there is a need for us to look into export stimulation again in Nigeria. There are so many products in Nigeria, and I mean finished products, that end up in different markets in different parts of the world. But unfortunately we find that those companies that produce those goods here in Nigeria do not earn the foreign exchange for those items that get exported out of the country. Again, I'd like to use the word 'we suspect that they may have been illegally exported,' and that's why those companies are not getting the FX revenues. We will be engaging the banks at the next Bankers' Committee to see how we would make sure that all export transactions are properly recorded and their proceeds come in to help boost our export earnings and support local production. Our plan is also to ensure that those who truly conduct export activities, particularly where there has been value addition into the economy, not just export of raw produce, but exports of processed and refined goods effectively, that we at the Central Bank of Nigeria will take on the responsibility to make sure that we engage the Ministry of Industry, Trade and Investment to ensure that what is due to them, like export development credits and grants that they normally receive, that they receive those. We are talking to, we will also be talking to the banks to ensure that whatever is offered by way of export credit to those companies that qualify for, I mean that bring in the export process and they qualify for the loans, that those loans will indeed also go to those companies at more discretionary low interest rates, so as to bring down their cost of export and effectively encourage them to conduct export activity where we will generate export earnings that we badly need in our country today. Specifically, and coming back to this program, these programs, whether it is the real sector or export stimulation, have continued to receive sustaining commendation as they have proven to be effective in expanding credit and stimulating investments in the real sector of our country. For instance, under the 1 trillion naira real sector facility, the bank has released a total of 1.4 trillion naira to 331 real sector projects in agriculture, manufacturing, mining, and services sector. Under the Real Sector Support Facility, the CBN has disbursed 166.21 billion naira to 25 projects in the agricultural sector. The Anchor Borrowers' Program has disbursed 927 billion naira to over 4.5 million smallholder farmers for the cultivation of 21 commodities across the country. Also, the bank has financed 666 large-scale agricultural projects with the potential of creating an estimated 107 million direct and indirect jobs under the Commercial Agricultural Credit Scheme. Your Excellencies, ladies and gentlemen, with the significant opportunities in the real sector, there remains sufficient room for additional investments in various sub-sectors, and we would like to urge potential investors to take advantage of the various CBN intervention programs and schemes, as well as other financing options out there, to invest in key sectors of our economy given the potential gains that could be generated from them. Let me assure all current and prospective operators in the industrial sector that the Central Bank of Nigeria stands ready to continue to provide the needed support, financial and otherwise, to fast track the development of our industrial sector. For those seeking to invest in new greenfield or existing brownfield projects, the CBN will continue to provide all the needed support, both in naira and dollars, specifically for the importation of plants and equipment to actualize this investment. It is pertinent to point out that the foreign exchange support will be solely for the importation of spares, plants, and equipment needed to increase production capacities of these companies. Let me emphasize that our mission through this initiative is to ensure that priority is accorded to companies who display verifiable progress in our import substitution and job creation drive. Consequently, we will soon unveil a new foreign exchange bidding regime that is market-driven and supports companies that are of utmost priority for our local production and job creation initiative in Nigeria. Your Excellencies, distinguished ladies and gentlemen, checks will also be presented to the seven participating financial institutions whose customers have been selected as pioneer beneficiaries under the PPP first cycle. These beneficiaries are among the many who have submitted their notifications on the dedicated portal and their applications received from their banks. I'd like to urge the beneficiaries to judiciously use the funds for the purpose for which they have indicated in the applications, as our independent monitors and evaluators will be engaged to regularly follow up on the progress of the project, with particular focus on the socio-economic impact of the financed projects on the immediate community and the economy in general. Your Excellencies, before I conclude my remarks, permit me to seize this opportunity to announce that the next cycle for submission of applications for the 100 for 100 policy for production and productivity starts immediately after this event today, effectively February 1, 2022, and will be ending April 30, 2022. I want to appeal to all prospective investors to take advantage of the huge opportunities provided for investment in the real sector under the PPP and approach their banks to submit the applications for participation under the initiative. We will also make the portal available in case you have any complaints about the way your applications have been treated. If you are not satisfied with the way your applications have been treated, we will also like to receive your views through our portal, because our intention is to ensure that we address all genuine complaints, because we want to make sure that this program succeeds, knowing fully well that it is for the betterment not just of our economy, but also for the employment generally because of the employment generating capacity that we intend to unleash on our country for the future. In closing, let me thank the Secretary to the Government of the Federation, His Excellency Mr. Boss Mustapha, truly represented; the Honourable Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, for all his support up to this time; and the Honourable Minister for Labour and Employment, His Excellency Dr. Chris Ngige, for their support to the Central Bank of Nigeria and its various interventions targeted at creating an enabling investment ecosystem in Nigeria. Thank you, sir. I also like to commend the managing directors of all our banks for their partnership in the successful implementation of our interventions, as they continue to be the channel for the delivery of our mandates. My appreciation also goes to the Manufacturers Association of Nigeria, whose support is critical to the successful development and implementation of the 100 for 100 policy for production and productivity. And General Mansur, thank you very much for coming. We appreciate you. Please pass on this message to members of your association that we truly mean to be of assistance, not just for their own benefit alone, but also for the benefit of our country. Last and certainly not the least, I'd like to congratulate the beneficiaries and participating financial institutions for the efforts in aiding our efforts to enable greater growth of the Nigerian economy. Thank you very much. Good afternoon.

Seriously, and the fact that we know that nobody would come to develop our country for us. We have to do it ourselves and support the community. I think Nigeria has a full benefit of a very young population, and if we don't take advantage, we can make sure that for all of us to come together as a country, not just an industry, to support any effort that would improve exports, reduce imports, and improve employment. It also covers greenfield industries as well, giving the opportunity for businesses to seek to expand exports or local production, including capacity and employment. Thank you very much.

Thank you very much for that comment. I want to use this opportunity to appeal to the banks. You've seen that this beneficiary that just spoke is not one of your very large corporates. We're happy and we're delighted that he submitted his application through the portal and that you found his company worthy to receive this loan. My appeal is that because he's probably like a small business or a medium scale business, you could see he says he wants to increase the scale of his business by 60%, he will create 300 jobs. As we see opportunities to support this kind of small businesses, these are truly the people who need the support of us the banks. Now that the naira loans will be given to him, I want to appeal to you, whichever of the banks that he applied on his behalf, to please give strong positive consideration when he begins to talk about he wants to import the plant and equipment. Please give priority in submitting the request for his plant and equipment to the CBN so that we can also accord it the priority it deserves to bring in this plant and equipment. He will work for himself, create jobs for himself, and create jobs for 300 other people. If we support more of this, you could imagine how supporting them will help create jobs, reduce unemployment. And I'm sure he probably is not operating in Lagos with his operation, outside Lagos. By him improving his business in the area where he is, the state where he is, he is helping to improve the economy of that state. He will ultimately help to improve the revenue generating capacity of that state. And that is how we see prosperity and growth and development in our country. Thank you very much for those kind words, but I want to continue to appeal to you the banks to please continue to support us. We thank you, you have been of immense support. But you could see, like the MD of Access said, we have a population of people of age 18 to 35 or 40 constituting close to 60% of our population. He says it is a problem, but he also says it is a good problem if we can harness the innate energies and strength in these people for the good of our country. Nigeria would be saying the skies the limit. So I want to thank you for the comment, MD CEO of Access Bank on behalf of the banks, and then I don't know your name but we thank you, one of the beneficiaries, for those kind words. Thank you, thank you.