February 06, (THEWILL) – Socialite and businessman, Olanrewaju Rasak Shittu who is still basking in the euphoria of the surprise 64th birthday party that his young wife, Oyindamola,  threw for him last month, is not likely to be weaned off his bubble of excitement any time soon, all thanks to the financial boost his automobile business just got. The top auto dealer of repute is among the 28 recipients of the Central Bank of Nigeria’s first cycle of the 100 for 100 policy on production and productivity (PPP). Targeted at private businesses, the CBN’s 100 for 100 policy on PPP is an initiative that enables the apex bank to select 100 companies across various sectors of the economy with projects that can boost local production, create over 20,000 direct and indirect jobs across all sectors of the economy as well as generate close to $125.8 billion in foreign exchange.
Through the initiative, an applicant can apply for as much as N5 billion. These first set of companies, one of which is Lanre Shittu’s company, Lanre Shittu Auto, scaled the rigorous selection hurdle by meeting the criteria on key performance indicators (KPIs) on economic growth, non-oil exports, import reduction, local capacity, local factor utilisations etc.
Lanre Shittu’s company, which is the first and only automobile company that got this boost, will be receiving N1.9 billion for the expansion of the phase 2 of his local automobile assembling plant located in Abuja.
Qualification for selection was an easy task for Lanre, who has distinguished himself in the automobile sector and proven himself worthy of the initiative. Not only is he the number one dealer for Mack trucks in Africa and the sole franchisee for Mack in Nigeria, he is the only dealer for Sany Heavy Duty Equipment and Yutong Buses in Nigeria. He is also an accredited dealer of KIA, NISSAN, Jinbei Buses and many more as well as Nigeria’s leading supplier of genuine Spare Parts to automobile dealers in Nigeria.
Ivory Ukonu is a versatile journalist with many years of experience, with entertainment and society reporting as her area of core competence.
