CBN Unveils Intervention for Manufacturers To Reduce Imports

The Central Bank of Nigeria (CBN) has concluded plans to launch targeted interventions that will boost the production base of 100 manufacturing companies every 100 days.

The apex bank said the intervention tagged “The 100 for 100 PPP – Policy on Production and Productivity” will reduce Nigeria’s high dependency on imported goods.

The new intervention tagged: “The 100 for 100 PPP – Policy on Production and Productivity”, will begin November 1, 2021.

The CBN Governor, Mr Godwin Emefiele, made this known on Monday in Abuja at the launch of Nigeria’s digital currency, eNaira.

He pointed out that the current $40 billion external reserves of the country was one of the highest in Africa, thus putting Nigeria in a comfortable position.

He said, “Under this policy, the CBN will advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from November 1, 2021, and rolling over every 100 days with a new set of 100 companies whose names will be published in national dailies for Nigerians to verify and confirm.

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“After these 100 projects by companies in the first 100 days from November 1, we will take the next 100 companies/projects for another 100 days beginning February 1, 2022, and then another 100 companies for another 100 days beginning from May 1, 2022.

“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.”

Emefiele said there was no cause for alarm on foreign reserves, adding that, “Our foreign exchange reserves are strong and indeed getting stronger by the day, crossing the $40 billion mark, and is one of the highest in Africa, and growing.”