NLNG, BoI partner on micro-credit scheme to boost local economy
CHIGOZIE AMADI
The NLNG has launched an expanded Micro, Small, and Medium Enterprises Scheme aimed at providing financial support and building the capacity of local vendors and businesses within its host communities and gas transmission system areas.
The NLNG said the initiative, which is in partnership with the Bank of Industry, will alleviate poverty, stimulate economic growth, and enhance sustainability by offering accessible loans at competitive interest rates.
Speaking during the official launch of the scheme in Port Harcourt on Wednesday, the NLNG 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.
Horsfall explained that with rising bank interest rates, NLNG introduced a buffer that allows beneficiaries to access loans at a reduced interest rate of nine per cent.
She stated, “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.”
Horsfall continued, “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.
“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.”
Also speaking, the Managing Director/CEO of the Bank of Industry, Dr Olasupo Olusi, said, “This partnership also reflects BOI’s reinforced focus as we implement our 2025–2027 corporate strategy centred around six thematic areas.
Represented by the Executive Director, MSME of BoI, Mr. Omar Shekarau listed some of the areas as Youth & Skills, Gender, Digital, MSMEs, Climate Finance and Infrastructure, saying, “Each pillar represents our commitment to inclusive, equitable and sustainable development.”
He added, “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 recognitions 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.”
