CBN moves to financially support 100 companies every 100 days in new policy initiative

By our reporter/ The Central Bank of Nigeria (CBN) on Monday launched a new policy to financially support 100 targeted private sector companies in 100 days.

CBN governor, Godwin Emefiele, who made the disclosure in Abuja during the launching of the eNaira project via a financial instrument titled “The 100 for 100 PPP – Policy on Production and Productivity,” said the apex bank would advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021.

He said, “Today, in addition to all policies and actions of the CBN to support the economy especially through the trying times of COVID-19, the apex bank is announcing a new financial instrument titled “The 100 for 100 PPP – Policy on Production and Productivity”, which will be anchored in our Development Finance Department under my direct supervision.”

“Under this policy, the CBN will advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021, and rolling over every 100 days with new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.”

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According to Emefiele, the apex bank would work with banks to deliver the financial instrument to customers to boost production and productivity.

“We believe that if we target and support the right companies and projects, we will 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 FX-generating capacity of the economy,” he added.

“This, in my view, is the best and most sustainable way to address the Naira’s value – whether in hard currency or digital eNaira – through production, production and more production.”

He assured Nigerians that there is no cause for alarm over foreign exchange reserves as the country’s
FX reserves crossed $40 billion, describing it as one of the highest in Africa.

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The CBN boss further stated that the bank must return to an employment-led growth anchored on productivity and rewarding producers of local goods, services, innovation and new technologies.

“If you consume cheap imports and export our jobs, we will make you pay dearly; but if you produce locally – with little or no foreign inputs beyond machinery, we will support you, and the markets will reward you abundantly,” Emefiele concluded.

 

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