CBN Unveils Criteria To Pick Firms For ‘100 For 100 PPP’ Initiative

CBN Unveils Criteria To Pick Firms For ‘100 For 100 PPP’ Initiative
CBN Unveils Criteria To Pick Firms For ‘100 For 100 PPP’ Initiative

The Central Bank of Nigeria (CBN) has released its selection criteria for private sector companies’ participation under its’ “100 for 100 Policy on Production and Productivity (PPP).”

The apex bank said that the  selection criteria  which it advertised in  national dailies today,  are,  “premised on immediate contribution to economic growth, jobs creation, and social impact.”

CBN Governor, Mr. Godwin Emefiele,  had announced the100 for 100 PPP  initiative at the launch of the eNaira in Abuja last Monday.

He stated that the policy will support companies to boost local productivity, create wealth and stave off importation responsible for Nigeria’s foreign exchange crisis, adding that it will empower 100 companies in 100 days, and hundreds more in the coming months.

Mr. Emefiele, who said  that the initiative is aimed at reversing the country’s over-reliance on imports and conserving its external reserves, announced that  under  policy,  the CBN will advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from November  1 2021, and rolling over every 100 days with a new set of 100 companies, whose names will be published in national dailies for Nigerians to verify and confirm.

CBN also invited candidate companies with satisfactory performance  to apply through their banks effective form today 1st November 2021, to the CBN Department of Development Finance, with complete documentation.

According to the selection criteria, eligible companies will be picked based on production, efficiency and scalability; local content capacity; job creation & human capital development as well as contribution to economic growth.

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CBN also said its intervention under the policy will provide funding for the Naira Intervention Funding under existing CBN Intervention Processes and  the complete forex funding for new machinery.

Emphasising that  the initiative  is for only new projects, the CBN said it will not cover any refinance of existing facilities and will be subject to independent evaluation by international Audit firms.

The Alex bank also said all intervention under the initiative will be made public and published in national dailies, adding that it  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.”