The framework which was released on Sunday revealed the
conditions interested companies must meet to qualify for the programme.
“This is the operational framework for a robust and
transparent process for identifying and selecting high-impact companies and
projects under the CBN’s 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 framework read in part.
“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 added.
The Governor, CBN, Godwin Emefiele, had during the launch of
the eNaira announced plans to introduce a new financial instrument to boost
local production and productivity in various sectors of the economy.
According to the governor, the instrument is expected to
reverse Nigeria’s over reliance on imports.
The PPP initiative, Emefiele said, would be anchored in the
Development Finance Department of the apex bank under the direct supervision of
the CBN governor.
Emefiele said the initiative was based on the conviction
that with the right support, the country would begin to 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 foreign exchange-generating capacity of the economy.”
Under this policy, Emefiele said the CBN would advertise,
screen, scrutinise and financially support 100 targeted private sector
companies in 100 days.
In the framework, the CBN noted that the selection criteria
for participation under the CBN’s 100 for 100 PPP would be premised on
immediate contribution to economic growth, jobs creation, and social impact.
It added that the criteria to be used in the selection
process would be evidence-based, transparent and measurable.
The bank also said that it would among other things provide
naira intervention funding as well as foreign exchange for selected companies
to purchase new machinery.
It also stated, “This instrument is for only new projects;
it will not cover any refinance of existing facilities and will be subject to
independent evaluation by international Audit firms. All intervention under
this project will be made public and published in national dailies.
The apex bank assured that it would work with fiscal
authorities to facilitate power sector, port and export reforms as well as ease
of doing business to improve competitiveness in the country so as to complement
and propel this initiative.
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