NLNG Restarts Micro-credit Scheme To Boost Local Economy

The NLNG, in partnership with Bank of Industry (BOI), has launched an expanded Micro, Small, and Medium Enterprises (MSME) Scheme to provide financial support and capacity-building for local vendors and businesses within its host communities and Gas Transmission System (GTS) areas.

The initiative is designed to alleviate poverty, stimulate economic growth, and enhance sustainability by offering accessible loans at competitive interest rates. Under the partnership model, NLNG provides a seed fund, which BOI matches, creating a robust funding pool to support small-scale enterprises. The loans will target community entrepreneurs and vendors working for NLNG. The scheme is digitalised to streamline the application and disbursement process. Beneficiaries can apply for loans through an online portal, ensuring more efficient access to funding.

Speaking at the launch, general manager, External Relations and Sustainable Development, Sophia Horsfall, emphasised that the scheme is structured to mitigate financial risks, embed sustainability, and strengthen local economies.

She highlighted that with rising bank interest rates, NLNG has introduced a buffer that allows beneficiaries to access loans at a reduced interest rate of nine per cent.

“Today, we launch more than just a micro-credit finance scheme—we ignite new possibilities for grassroots entrepreneurs and small businesses. After years of funding and empowering local enterprises, we took a strategic pause to reassess and enhance our impact. This led to a powerful partnership with the Bank of Industry, a collaboration that will drive real economic growth in Rivers State and beyond. More than an opportunity, this initiative is a statement of our unwavering commitment to sustainability—because true prosperity begins with financial independence and thriving businesses.

RELATED

Tech Upgrades That Ensure Faster Player Settlements

3 hours ago

Customs Grants 223 Importers 21-day Ultimatum Over N379.6bn Duty Violations

10 hours ago

“In 2024, we rebranded with a renewed vision: to be a globally competitive energy company that improves lives sustainably. This scheme embodies that vision in action. It is not just about financing—it’s about transformation, empowerment, and long-term impact. As we take this bold step forward, we do so with pride, knowing that today, we are shaping a stronger, more sustainable future for all,” she said.

Also speaking at the event, the MD/CEO of the Bank of Industry, Dr. Olasupo Olusi represented by the executive director, Micro, Small and Medium Enterprises (MSME), Mr. Omar Shekarau stated that “This partnership also reflects BOI’s reinforced focus as we implement our 2025 – 2027 Corporate Strategy centred around six thematic areas: Youth & Skills, Gender, Digital, MSMEs, Climate Finance and Infrastructure.

Each pillar represents our commitment to inclusive, equitable and sustainable development.

He further stated that “to ensure efficiency and transparency, BOI has deployed a cutting-edge end-to-end loan management platform called the BOI Fund Partner Solution which will provide our fund partners with real-time access to the performance of their fund.

”BOI is Nigeria’s foremost Development Finance Institution with the mission to transform Nigeria’s industrial sector by providing financial and business support services to enterprises. To make affordable, long-term funding available to MSMEs in Nigeria, the Bank has continued to raise funds from the international market over the years and has received both domestic and international recognition for its commitment to excellence.

Through this strategic collaboration with BOI, NLNG reinforces its commitment to fostering economic development, empowering local businesses, and sustaining long-term growth within its host communities.