Financial Instrument: CBN Unveils ‘100 for 100’ Policy

The Central Bank of Nigeria (CBN) has unveiled the criteria for selecting companies that will participate in its 100 for 100 Policy on Production and Productivity, PPP.

The aim is to provide funding and foreign exchange to new projects capable of significant economic impact in terms of job creation, foreign exchange earnings and ease of doing business.

In a two-page notice signed by its Development Finance Department, that was obtained by Grassroots.ng, the apex bank explained that the selection criteria for participation would be premised on the business’ immediate contribution to economic growth, jobs creation, and social impact.

It pointed out that in selecting the companies, evidence -based, transparent and measurable criteria shall be deployed.

According to the central bank, the move was 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.

“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,” it stated.