The Central Bank of Nigeria (CBN) is set to offer special funding and other strategic support to about 400 selected strategic manufacturing enterprises across the country in the next one year with effect from today, under a new real sector intervention scheme.
The scheme is driven by the new financial instrument known as “The 100 for 100 PPP – Policy on Production and Productivity” (100-For-100), which the apex bank announced last week.
the eNaira at the State House, CBN Governor, Mr. Godwin Emefiele, said the scheme would “advertise, screen, scrutinize 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.”
He said the new scheme will also be anchored in the CBN’s 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.
Source: Vanguardngr.com