The Central Bank of Nigeria (CBN) Monday, announced the introduction of a new financial instrument known as ‘The 100 for 100 PPP’ Policy on Production and Productivity to boost local production and productivity in various sectors of the economy.
This disclosure was made by the CBN Governor, Godwin Emefiele, at the launch of the Central Bank Digital Currency (CBDC), known as the eNaira at the State House, Abuja.
The initiative by the CBN is expected to provide support for selected private sector companies in the country as well as part of steps to reverse the country’s overreliance on imports.
The CBN governor said the new policy will also be anchored in the CBN Development Finance Department under his direct supervision.
The CBN governor pointed out that the initiative was 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 said, “Working through banks, the financial instrument will be available to their customers in critical areas to boost the production and productivity, and to immediately transform and jumpstart the productive base of the economy.
Emefiele explained that the policy seeks to 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.
“After these 100 projects by companies in the first hundred days from November 1, we will take the next 100 companies/projects for another 100 days beginning February 1, 2022, and then another 100 companies for another 100 days beginning from May 1, 2022.
”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.”
On another note, President Buhari today, launched the eNaira – a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
I wish to show appreciation to the writer just for bailing me out of this type of trouble. Right after surfing throughout the the net and finding methods which were not pleasant, I thought my entire life was gone. Living without the presence of solutions to the problems you’ve resolved all through your main short article is a serious case, as well as those that would have badly damaged my career if I had not come across your website. Your primary know-how and kindness in taking care of a lot of stuff was crucial. I’m not sure what I would’ve done if I hadn’t come across such a stuff like this. I can at this point look forward to my future. Thanks for your time so much for this reliable and effective guide. I will not be reluctant to endorse the blog to anybody who needs direction on this matter.
Howdy very nice blog!! Guy .. Beautiful .. Wonderful .. I will bookmark your web site and take the feeds additionally?KI’m happy to search out numerous helpful info right here in the submit, we need work out extra strategies on this regard, thanks for sharing. . . . . .