CBN Launches Selection Criteria for Participation in 100 for 100 Policy
- The Central Bank of Nigeria on Sunday, unveiled the selection process of its newly introduced financial tool, The 100 for 100 PPP
- The bank made this official in a notice issued and signed by the development finance department
- CBN explained further that the selection would be rated on the immediate impact the participating companies has on various sectors of the economy
The central Bank of Nigeria has announced its selection criteria for the newly introduced financial instrument tagged ‘The 100 for 100 PPP’ Policy on Production and Productivity.
The Punch reports that the apex bank disclosed this in a notice signed by its Development Finance Department.
The bank explained that the selection for participating businesses would be based on the immediate impact the business has on economic growth, jobs creation, and social impact.
Source: Facebook
The objective of the new CBN’s 100 for 100 financial instrument is to reverse the country’s over-reliance on imports, 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, Vanguard also reported.
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The criteria were contained in a statement by CBN’s Director, Development Finance Department, titled: ‘Selection criteria for private sector companies’ participation under the 100 for 100 Policy on Production and Productivity, PPP’.
It stated:
“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.”
The CBN Governor, Godwin Emefiele, 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 bank stated 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.
It added:
“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.
“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.”
CBN lament as fake eNaira Twitter account deceives Nigerians with N50billion giveaway after Pres Buhari launch
Meanwhile, Legit.ng had earlier reported that the Central Bank of Nigeria (CBN) has distanced itself from fake eNaira twitter account, @enaira_cbdc, which claims that the apex Bank is offering intervention funds to Nigerians.
The fake twitter handle said the financial regulator is disbursing 30 billion eNaira currency to Nigerians that sign up and provide their eNaira wallet details through the link @enaira_cbdc posted.
The twitter handle has attracted several followers while disguising to be an account owned by the central bank, and the monetary authority has warned Nigerians not to fall victim of the perpetrators trap.
Source: Legit.ng
