The Central Bank of Nigeria (CBN) has unveiled an operational framework to guide interested companies in participating in the 100 for 100 Policy on Production and Productivity initiative.
The framework which was released on Sunday revealed the conditions which interested companies must meet to qualify for the programme.
“This is the operational framework for a robust and transparent process for identifying and selecting high-impact companies and projects under the CBN’s 100 for 100 PPP.
“These are projects that must catalyse sustainable employment-led economic growth through increased domestic production and productivity in the near term,” the framework read in part.
“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,” it added.
During the launch of the eNaira, the Governor of the CBN, Godwin Emefiele announced plans to introduce a new financial instrument to boost local production and productivity in various sectors of the economy. This was with a view to reverse Nigeria’s over reliance on imports.
Emefiele said, the PPP initiative which would be anchored in the Development Finance Department of the apex bank under the direct supervision of the CBN governor was based on the conviction that with the right support, the country would begin to see “a significant, measurable and verifiable increase in local production and productivity, reduction in certain imports, increase in non-oil exports, and improvements in the foreign exchange-generating capacity of the economy.”
According to Emefiele, the CBN would advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days under this policy.
The CBN noted that the selection criteria for participation under the CBN’s 100 for 100 PPP would be premised on immediate contribution to economic growth, jobs creation, and social impact.
The apex bank assured that it would work with fiscal authorities to facilitate power sector, port and export reforms as well as ease of doing business to improve competitiveness in the country so as to complement and propel this initiative.