NLNG, Bank of Industry Reintroduces Micro-Credit Scheme to Drive Grassroots Economic Empowerment

In a renewed commitment to grassroots development and sustainability, Nigeria LNG Limited (NLNG), in partnership with the Bank of Industry (BOI), has reintroduced its Micro, Small, and Medium Enterprises (MSME) Scheme to empower local businesses within its host communities and Gas Transmission System (GTS) areas.

This bold move marks a significant step toward deepening financial inclusion and stimulating long-term economic transformation across Rivers State and beyond. The scheme—jointly funded by a ₦1 billion matching fund from NLNG and BOI—is designed to provide accessible, low-interest loans to small businesses and cooperatives, with a digital application process ensuring efficiency and transparency.

At the launch event, NLNG’s General Manager for External Relations and Sustainable Development, Dr. Sophia Horsfall, emphasized the scheme’s transformative agenda. “We are reigniting possibilities for small businesses and local entrepreneurs. This initiative is more than just a financial product—it’s a symbol of our commitment to building sustainable communities through economic independence,” she stated.

The reintroduced scheme evolves from earlier NLNG empowerment initiatives, including the successful Micro-Credit Scheme and Local Vendor Finance Scheme. These programs have previously supported hundreds of cooperatives, recording an impressive 91% loan recovery rate before being paused in 2012. The launch follows a strategic review and aligns with NLNG’s renewed vision to be a globally competitive energy company that improves lives sustainably.

Key highlights of the scheme include:

• Reduced Interest Rate: With rising commercial loan rates, the scheme offers an accessible 9% interest rate to reduce financial pressure on SMEs.
• Digital Loan Platform: A streamlined online application system ensures swift access and reduced overhead costs.
• Capacity-Building Integration: Beyond funding, beneficiaries will receive training in business management, financial literacy, and market strategies.
• Sustainability and Transparency: BOI’s cutting-edge Fund Partner Solution platform allows real-time monitoring and fund governance.

Speaking on behalf of BOI’s Managing Director, Dr. Olasupo Olusi who was represented by the Executive Director, Micro, Small and Medium Enterprises (MSME), Mr. Omar Shekarau, described the partnership as aligned with the bank’s 2025–2027 Corporate Strategy. “This initiative embodies our focus on youth empowerment, gender inclusion, digitalization, MSMEs, climate finance, and infrastructure development. Through this platform, we reaffirm our mission to foster equitable, inclusive, and sustainable growth,” he said.

The MSME Scheme is part of a broader sustainability agenda approved by NLNG’s Board of Directors, reflecting the company’s four CSR pillars: education, economic empowerment, infrastructure, and healthcare. Notably, it complements the General Memorandum of Understanding (GMoU) model initiated in 2019, which gave host communities greater ownership and management of NLNG-funded projects.

The launch represents more than financial support—it signifies the strengthening of community bonds and a commitment to reducing social tensions through economic inclusion. “We expect this initiative to expand businesses, reduce inequality, and cultivate an ecosystem where everyone can thrive,” Dr. Horsfall added.

As the scheme opens for applications, NLNG calls on eligible entrepreneurs and vendors to seize this opportunity with the integrity and accountability necessary to drive real, community-led progress.

With BOI’s expertise and NLNG’s local knowledge, this collaboration is poised to unlock sustainable prosperity, ushering in a new era of entrepreneurship, resilience, and shared growth for Nigeria’s local economies.