NLNG and BoI Launch Micro-Credit Initiative to Supercharge Local Economy

NLNG has initiated an extended Micro, Small, and Medium Enterprises Program designed to offer financial assistance and enhance the capabilities of indigenous suppliers and enterprises located in its host communities and along its gas transmission routes.

NLNG stated that this program, done in collaboration with the Bank of Industry, aims to reduce poverty, boost economic development, and improve sustainability through providing easily available loans with favorable interest rates.

During the formal introduction of the program at an event in Port Harcourt on Wednesday, NLNG’s General Manager for External Relations and Sustainable Development, Sophia Horsfall, highlighted that the initiative has been designed to reduce financial hazards, promote sustainability, and bolster local communities.

Horsfall stated that due to increasing bank interest rates, NLNG implemented a buffer mechanism enabling recipients to obtain loans at a decreased interest rate of 9%.

She said, "Today, we're launching not just a micro-credit financial initiative but also sparking new opportunities for local business owners and small enterprises."

After years of supporting and energizing local businesses, we decided to take a strategic break to review and improve our effectiveness. This resulted in a strong alliance with the Bank of Industry, a partnership aimed at fostering genuine economic development in Rivers State and beyond.

Horsfall went on, "This initiative goes beyond just providing opportunities; it's a declaration of our steadfast dedication to sustainability—since genuine wealth starts with fiscal self-reliance and successful enterprises."

In 2024, we underwent a rebranding with a fresh mission: to become a globally competitive energy firm dedicated to sustainable improvements in people's lives. This initiative brings that mission to life. The focus isn’t merely on funding; instead, it emphasizes transformation, empowerment, and lasting effects.

As we boldly move ahead, we carry pride within us, recognizing that today we are forging a resilient and more sustainable tomorrow for everyone.

Additionally, the Managing Director/CEO of the Bank of Industry, Dr Olasupo Olusi, stated, "This collaboration underscores BOI's strengthened emphasis as we execute our strategic plan for 2025-2027, which revolves around six key themes."

Representing the MSME Department at BoI, led by their Executive Director Mr. Omar Shekarau, highlighted several focus areas including Youth & Skills, Gender, Digitization, MSMEs, Climate Financing, and Infrastructure. He stated, "These pillars symbolize our dedication to fostering inclusive, fair, and sustainable growth."

He stated, "For enhanced efficiency and transparency, BOI has implemented an advanced full-cycle loan management system named the BOI Fund Partner Solution. This tool grants our fund partners immediate insight into the performance metrics of their funds."

BOI is Nigeria's leading development finance organization, dedicated to transforming the country's industrial sector through the provision of financial and business support services to businesses.

To provide accessible, long-term financing to Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, the bank has consistently raised capital from global markets over time. It has also garnered recognition domestically and internationally for its dedication to achieving excellence.

By entering into this strategic partnership with BOI, NLNG strengthens its dedication to promoting economic development, supporting local enterprises, and ensuring sustained growth within their community.

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