By Eyo Nsima

The Central Bank of Nigeria (CBN) has emerged with a new policy to support 100 targeted private sector companies in the next 100 days.

Godwin Emefiele, CBN governor, disclosed this on Monday in Abuja during the launching of the eNaira project.
Specifically, he said: “The 100 for 100 PPP – Policy on Production and Productivity.

“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.”

He also said: “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.

“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 added: “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.”