Tue, 30 Nov 2021

 

CBN Kicks Off Initiative To Support 100 Companies In 100 Days
 
By: Cletus Sunday Ilobanafor
Mon, 1 Nov 2021   ||   Nigeria,
 

Monday 1 November 2021: The Central Bank of Nigeria’s (CBN) new Policy on Production and Productivity (PPP) to support 100 companies in 100 days has officially taken off.

The new financial instrument, according to the bank, will support companies to boost local productivity, create wealth and stave off importation responsible for Nigeria’s foreign exchange crisis.

The purpose of the instru­ment is to take further steps to re­verse the country’s over-reliance on imports.

The CBN, under the initiative, will work with fiscal authorities to facilitate power sector, port and export reforms as well as ease of doing business to improve competitiveness in Nigeria so as to complement and propel this ini­tiative.

Candidatecompanieswithsat­isfactoryperformanceareinvited toapplythroughtheirbankseffec­tive, today, November1,2021.

The selection criteria for participation under the CBN’s 100 for 100 PPP shall be premised on immediate contribution to economic growth, jobs creation, and social impact.

In selecting the companies and projects, therefore, some evidence-based, transparent and measurable criteria shall be deployed, the apex bank said.

The CBN intervention under the 100 for 100 PPP instrument shall provide Naira Intervention Funding under existing CBN Intervention Processes and complete FX funding for new machinery.

 

The CBN, under the initiative, will work with fiscal authorities to facilitate power sector, port and export reforms as well as ease of doing business to improve competitiveness in Nigeria so as to complement and propel this ini­tiative.

Candidatecompanieswithsat­isfactoryperformanceareinvited toapplythroughtheirbankseffec­tive, today, November1,2021.

The selection criteria for participation under the CBN’s 100 for 100 PPP shall be premised on immediate contribution to economic growth, jobs creation, and social impact.

 

In selecting the companies and projects, therefore, some evidence-based, transparent and measurable criteria shall be deployed, the apex bank said.

The CBN intervention under the 100 for 100 PPP instrument shall provide Naira Intervention Funding under existing CBN Intervention Processes and complete FX funding for new machinery

 

 

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