- NLNG and the Bank of Industry have launched a ₦1 billion MSME scheme to support local businesses in host communities and Gas Transmission System areas.
- The initiative aims to stimulate economic growth, alleviate poverty, and enhance sustainability by providing loans through a digital platform.
Nigeria Liquefied Natural Gas (NLNG), in partnership with the Bank of Industry (BOI), has launched a ₦1 billion MSME Scheme. The scheme aims to support local vendors and businesses in NLNG’s host communities and Gas Transmission System (GTS) areas. It offers accessible loans at competitive interest rates to help alleviate poverty, stimulate economic growth, and promote sustainability.
Under the partnership, NLNG provides a seed fund, and BOI matches it. This creates a strong funding pool for small-scale enterprises. The scheme targets community entrepreneurs and vendors working for NLNG. Additionally, the scheme is digitalised to simplify the application and disbursement process. Beneficiaries can now apply for loans through an online portal, making it easier to access funding.
At the launch in Port Harcourt, Sophia Horsfall, NLNG’s General Manager for External Relations and Sustainable Development, spoke about the scheme’s goals. She said it is designed to mitigate financial risks, encourage sustainability, and strengthen local economies. Moreover, with rising bank interest rates, NLNG introduced a buffer. This allows beneficiaries to access loans at a reduced interest rate of 9%.
Horsfall added, “Today, we are not just launching a micro-credit finance scheme. We are creating new opportunities for grassroots entrepreneurs and small businesses. After years of supporting local enterprises, we paused to reassess our impact. This led to our partnership with BOI, which will drive economic growth in Rivers State and beyond. This initiative is a statement of our commitment to sustainability. True prosperity starts with financial independence and thriving businesses.”
She also mentioned, “In 2024, we rebranded with a new vision: to become a globally competitive energy company that improves lives sustainably. This scheme is part of that vision. It is not only about financing but also transformation, empowerment, and long-term impact. Today, we boldly step toward a stronger, more sustainable future for all.”
Dr Olasupo Olusi, Managing Director of BOI, also spoke at the event. He said, “This partnership reflects BOI’s renewed focus as we implement our 2025 – 2027 Corporate Strategy. This strategy covers six key areas: Youth & Skills, Gender, Digital, MSMEs, Climate Finance, and Infrastructure. Each area shows our commitment to inclusive, equitable, and sustainable development.”
Olusi, represented by the Executive Director for MSMEs, Mr Omar Shekarau, added that BOI had launched the BOI Fund Partner Solution. This platform will give fund partners real-time access to their funds’ performance, ensuring transparency and efficiency.
BOI is Nigeria’s leading Development Finance Institution. It provides financial and business support services to enterprises. Over the years, BOI has raised funds internationally to provide affordable, long-term funding for MSMEs in Nigeria. This has earned the bank recognition for its excellence.
Through this strategic collaboration, NLNG continues to show its commitment to fostering economic development, empowering local businesses, and promoting long-term growth in its host communities.