Interested private sector companies shall submit their applications via their PFIs with requisite documentation which shall include, amongst others:
a) An APPLICATION submitted by the company’s promoters through a PFI seeking to be financed under the initiative
b) Certified true copies of COMPANY REGISTRATION evidencing the incorporation of the Company with the Corporate Affairs Commission (CAC);
c) THREE (3) YEARS AUDITED FINANCIALS including the latest management account of company;
d) At least TWO (2) CREDIT REPORTS of the company and the directors;
e) Business plan of the underlying project for which the facility is to be applied;
f) Detailed STATUS REPORT ON PROJECT’S capacity utilisation, production output, productivity/efficiency level, employment level, export capacity and value creation; and
g) PROJECTED POST-FINANCING ECONOMIC BENEFIT of project – increase in capacity utilisation, production output, productivity/efficiency level, employment level, export capacity and value creation after financing.
i) Upon approval by the appropriate PFI’s CREDIT COMMITTEE, lending bank shall forward applications of their eligible private sector companies to the CBN.


Applicant to notify CBN of loan application submitted to their bank. The notification done using this portal for the purpose of tracking and monitoring application status;
a) Create an account on this portal and submit your loan application information and documents.
b) The key documents to be submitted are an Excutive Summary of your loan application - maximum of two pages and in pdf format.
c) A scanned copy of loan application covering letter (in pdf) which your bank signed as evidence you have submitted your loan application to you bank.
d) A scanned copy of certificate of incorporation in pdf.
e)The CBN shall conduct internal review of the loan applications received to ensure compliance with the stipulated requirements for participation under the initiative
f)The screening of eligible private sector companies shall be done within 100 days, and rolling over every 100 days;
g) The list of successful projects would be published in National Dailies for the purpose of transparency.
h) The CBN shall release the approved sum to the PFI for onward disbursement to the selected private sector companies;
i) As an applicant you will maintain a dashboard where you will be able to monitor the progress of your applocation.
j) Should you need any further clarification or assistance, email:;; or You can also place a call to any of these numbers: CBN Contact Centre: 07002255226; DFD Desk: 08095500774.

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
INDICATOR ▪ 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