According to the CBN, the overall objective of the initiative is to reverse the nation’s excessive dependence on imports by creating an ecosystem that targets and supports projects with the potential to transform and catalyze the productive base of the economy.
“Specific objectives include: catalyzing import substitution for specific commodities; increase local production and productivity; increase non-oil exports; and improve the economy’s ability to generate foreign exchange ”, he stated. It said that, under the initiative, comprehensive and regular monitoring of specific benchmarks and key performance indicators (KPIs) would be carried out on a regular basis.
“The KPIs will include the increased production of the financed companies; percentage increase in capacity utilization and percentage increase in the volume and value of exports. It will also include a decrease in the volume of imports and the value of industrial raw materials and an increase in the number of jobs created,” said the main bank. It further said that the focal activities will be businesses and existing projects (brownfield) with the potential to transform and reactivate the productive base of the economy.
“These include manufacturing, agriculture, and agricultural processing; extractive, petrochemical and renewable energy industries; medical and pharmaceutical care, logistics services and trade-related infrastructure; and any other activity that is prescribed”, it stressed.