Objectives of the Initiative

The broad objective of the initiative is to reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports projects with potential to transform and catalyze the productive base of the economy. The specific objectives include:
i. catalyse import substitution of targeted commodities;
ii. increase local production and productivity;
iii. increase non-oil exports; and
iv. improve foreign exchange earning capacity of the economy

Key Performance Indicators

A comprehensive, regular monitoring of specific benchmarks and key performance indicators (KPIs) under the initiative shall be undertaken
regularly. The KPIs (specific and relevant) shall include:
i. % increase in production output of financed companies;
ii. % increase in capacity utilisation;
iii. % increase in export volume and value;
iv. % decrease in import volume and value of industrial raw materials;
v. Increase in number of jobs created.

Activities Covered

Focal activities shall be existing businesses and projects (brownfield) with potential to transform and jumpstart the productive base of the economy such as:
i. Manufacturing
ii. Agriculture and agro-processing
iii. Extractive Industries
iv. Petro-Chemicals and Renewable Energy
v. Healthcare and Pharmaceuticals
vi. Logistics Services and Trade-Related Infrastructure
vii. Any other activities as may be prescribed

Financial Instrument Features

Loan Type

Long-term loan for acquisition of plant and machinery and Working Capital

Loan Limit

Loan amount shall be a maximum of N5 billion per obligor. Any amount above N5 billion shall require the special approval of Management.

The rate of Interest

Interest Rate under the intervention shall be at not more than 5.0% p.a. (all inclusive) up to 28th February 2022, thereafter, interest on the facility shall revert to 9% p.a. (all inclusive) effective from 1st March 2022.

Loan Tenor and Moratorium
  • Term loans shall have a maximum tenor of ten (10) years depending on the complexity of the project, not exceeding 31st December 2031. Each project tenor shall be determined in relation to its cash flow and life span of the underlyingcollateral.
  • Moratorium: Term loans shall have two (2) years moratorium.
  • Working capital facility shall have a tenor of one (1) year with provision for roll over for a maximum of three (3) years.
  • The participating financial institution (PFI) shall bear the credit risk.
  • Refinancing of existing facilities allowed under the initiative, subject to Management’s approval.
Collateral Requirements

The collateral acceptable under the intervention facility shall be as may be acceptable by the PFI under the RSSF-DCRR.

Repayment of Loan

Monthly interests on the facility shall be amortised and transferred quarterly with principal repayments to the CBN.

Participating Financial Institutions (PFIs)

Only CRR contributing Deposit Money Banks (DMBs) shall be eligible to participate under the initiative.


PARAMETRES Capacity Utilisation and Scalability Scale of locally sourced raw materials Job Creation and Capacity Building Operating sector
Impact on key macroeconomic
  • Financial performance (3yrs audited report)
  • Business Viability
  • Project Innovation
  • Creditworthiness of Directors
  • 50% of raw material input sourced locally;
  • 80% of jobs created should be for Nigerians
  • Job creation
  • Detailed plan for training the workforce with requisite skills to enhance productivity
  • Alignment with focal business activities
  • Integration into the Global Export Value Chain
  • Contribution to GDP potential
  • Share of domestic market
  • Foreign exchange earning potential
  • Export value potential