Worried by the low manufacturing base of the Nigerian economy with a high dependency on imported goods, the Central Bank of Nigeria (CBN) has concluded plans to launch targeted interventions that will enhance the production base of 100 companies every 100 days.
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, disclosed this on Monday in Abuja at the launch of the digital currency, the eNaira.
This was even as he assured that the current external reserves position of the country of about $40bn was one of the highest in Africa, thus putting Nigeria in a comfortable position.
Mr. Emefiele explained that “under this policy the CBN will advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from 1st November, 2021, and rolling over every 100 days with a new set of 100 companies which names will be published in national dailies for Nigerians to verify and confirm.
“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.”
Mr 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.”