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In its bid to reverse the nation’s over-reliance in imports by creating a platform that supports right companies and projects with potential to immediately transform and jumpstart the productive base of the economy, the Central Bank of Nigeria (CBN) has unveiled the criteria for participating in its 100 for 100 policy on Production and Productivity (PPP).

According to the apex bank, the intervention under the 100 for 100 PPP instrument shall provide Naira funding under existing CBN Intervention Processes and complete FX funding for new machinery. This instrument is for only new projects and will not cover any refinancing of existing facilities and will be subject to independent evaluation by international audit firms.

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It adds that all intervention under this project will be made public and published in national dailies.

These are projects that must catalyse sustainable employment-led economic growth through increased domestic production and productivity in the near term.

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The CBN has therefore invited candidate companies with satisfactory performance to apply through their banks with effect from today, November 01, 2021, to the CBN Department of Development Finance, Officce of the Governor, Central Bank of Nigeria, Central Business District, Abuja with complete documentation.

Source: www.sunnewsonline.com

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