The Central Bank of Nigeria Monday unveiled a new financial instrument titled, “The 100 for 100 PPP – Policy on Production and Productivity” to boost support for selected private sector companies in the country.
He said the policy seeks to “advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days, beginning from 01 November 2021, and rolling over every 100 days with new set of 100 companies, whose names will be published in National Dailies for Nigerians to verify and confirm.”
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. “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.”
Is this fiscal or monetary policy? They said poor fiscal policy is the bane to Meffy's great monetary policy. This is expansionary fiscal policy when inflation is already high.