Connect with us

Finance

CBN releases criteria for its 100 for 100 policy on production

The CBN noted that the selection for participating businesses would be based on the immediate impact the business has on economic growth, jobs creation, and social impact.

Published

on

CBN

The Central Bank of Nigeria (CBN) has listed its selection criteria for the newly introduced financial framework known as “The 100 for 100 PPP – Policy on Production and Productivity”.

Techeconomy.ng gathered that the apex bank made this known in a notice signed by its Development Finance Department.

The CBN noted that the selection for participating businesses would be based on the immediate impact the business has on economic growth, jobs creation, and social impact.

According to the cebtral bank, “These are projects that must catalyse sustainable employment-led economic growth through increased domestic production and productivity in the near term.

“The projects for consideration shall be new projects in existing companies requiring new machinery and other support and must have the greatest potential to achieve significant scale in their in-country production and for domestic consumption and exports.”

Godwin Emefiele, the CBN Governor, had announced the initiative at the launch of the Central Bank Digital Currency, eNaira, and aims to help boost local production and productivity in different sectors of the economy.

The banking regulator noted that it listed criteria to ensure the operational framework for a robust and transparent process for identifying and selecting high-impact companies and projects under its 100 for 100 PPP.

The CBN added that the instrument shall provide naira intervention funding under existing CBN intervention processes and complete foreign exchange funding for new machinery.

According to it, “This instrument is for only new projects; [it] will not cover any refinance of existing facilities and will be subject to an independent evaluation by international audit firms.

ALSO READ  Jumia’s Q1 2021 report shows increase in gross profit

“All intervention under this project will be made public and published in national dailies. The CBN 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.

“Candidate companies with satisfactory performance are invited to apply through their banks effective, today November 01, 2021, to the CBN Department of Development Finance, Office of CBN Governor.”

Advertisement
Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement
Advertisement
Advertisement

Facebook