The Central Bank of Nigeria has released a framework for the selection of 100 targeted private companies for financial support in the next 100 days.
The support comes under the apex bank’s 100 for 100 Policy on Production and Productivity (PPP). The application process for private companies to participate opens today.
CBN Governor Godwin Emefiele, who announced the scheme in Abuja, said the apex bank would advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days.
Emefiele 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.”
The operational guidelines released by the Development Finance Department of the CBN at the weekend, said the PPP financial instrument would reverse Nigeria’s over-reliance in imports.
This will be achieved by creating a platform that targets and supports the right companies and projects with potential to immediately transform and jumpstart the productive base of the economy.
