• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Central Bank of Nigeria unveils new financial instrument to fund 100 private companies every 100 days

4 years ago
in Banking & Finance, Business, Editor's pick, highlights, Home, home-news, latest News
2 min read
0 0
0
291
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Central Bank of Nigeria unveils new financial instrument to fund 100 private companies every 100 days

The Central Bank of Nigeria (CBN) on Monday announced the introduction of a new financial instrument known as ‘The 100 for 100 PPP’ Policy on Production and Productivity to boost local production and productivity in various sectors of the economy.

This disclosure was made by the CBN Governor, Mr Godwin Emefiele, at the launch of the Central Bank Digital Currency (CBDC), known as the eNaira at the State House, Abuja.

The initiative by the apex bank is expected to provide support for selected private sector companies in the country as well as part of steps to reverse the country’s overreliance on imports.

What the CBN Governor is saying

Emefiele said the new policy will also be anchored in the CBN Development Finance Department under his direct supervision.

The CBN governor pointed out that the initiative was 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 said, “Working through banks, the financial instrument will be available to their customers in critical areas to boost the production and productivity and to immediately transform and jumpstart the productive base of the economy.”

RelatedPosts

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

Emefiele explained that the policy seeks to advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021, and rollover every 100 days with a new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.

Also: Government fails to raise Ghs 1.08 billion debt target

“After these 100 projects by companies in the first hundred 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.”

Bottom line

The CBN in the wake of the outbreak of the coronavirus pandemic and its devastating impact on businesses and the economy in general introduced various intervention programmes to help cushion its effect.

This involved disbursement of grants and credits to businesses and households at single-digit interest rates and sometimes at zero interest rates.

The World Bank had in June 2021, said that the interventions of CBN have helped Nigeria prevent a severe credit crunch in the private sector.

This new policy from the apex bank will help improve the country’s non-oil export and foreign exchange generating capacity of the economy.

Source: nairametrics
Via: norvanreports
Tags: ‘The 100 for 100 PPP’ Policy on Production and Productivitycentral bank digital currency (CBDC)Central Bank of Nigeria (CBN)COVID-19 pandemicNigeria
No Result
View All Result

Highlights

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

Passage of Competition Law Key to Tackling DSTV’s Market Dominance – CUTS International

Why Are Interest Rates Still High? The MPR vs Market Rates Debate

Climate Change Is Making Africa’s Debt Burden Worse – New Debt Contracts Could Help

Nigeria’s EV Market is in Vogue as Foreign Investment Pours in

Trending

Business

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

August 4, 2025

The Perils of Market Interventionism: When Political Pressures Threatens Ghana's Economic Gains - The Way Forward Ghana’s...

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

August 4, 2025

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

August 4, 2025

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

August 4, 2025

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.