NLNG partners BOI to reintroduce N1bn micro-credit scheme to boost local economy
Ben Eguzozie, in Port Harcourt
Sophia Horsfall (4th from right), NLNG’s GM, External Relations & Sustainable Development, and Omar Shekarau, Bank of Industry’s (BoI) Executive Director, Micro, Small and Medium Enterprises (MSMEs), launch N1bn NLNG/BOI MSME scheme for local vendors and community entrepreneurs in Port Harcourt
Nigeria’s gas liquefaction company, NLNG, in partnership with the Bank of Industry (BOI), has launched a N1bn expanded micro, small, and medium enterprises (MSMEs) scheme to provide financial support and capacity-building for local vendors and businesses within its host communities and gas transmission system (GTS) areas. Hundreds of people in 110 communities will be served with the scheme, which was launched in Port Harcourt, Rivers State.
NLNG says 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, with a 9% annual interest rate, or 0.75% monthly will target community entrepreneurs and vendors working for the NLNG. Details of the disbursement indicates that entrepreneurs from host communities will receive N850 million (85%) of the facility, while those from gas transmission system areas will receive the remaining N150 million or 15%.
Each host community beneficiary can receive from N10 million to N100 million, while GTS areas beneficiary can receive N1 million to N10 million.
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.
Sophia Horsfall, NLNG’s general manager, external relations and sustainable development, said the scheme is structured to mitigate financial risks, embed sustainability, and strengthen local economies of its host communities.
According to Horsfall, although banks interest rates were rising, NLNG has introduced a buffer that allows beneficiaries to access loans at a reduced interest rate of 9%.
“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,” she said.
In 2024, the gas liquefaction company, now building its Train 7 at the cost of over $4 billion, rebranded with a renewed vision to be a globally competitive energy company that improves lives sustainably.
She said the just-launched micro-credit scheme embodies the NLNG vision in action, adding that it was not just about financing—but it is about transformation, empowerment, and long-term impact. She said the step will be shaping a stronger, more sustainable future for all.
Olasupo Olusi, the managing director and chief executive (MD/CEO) of Bank of Industry (BoI), represented by the executive director, Micro, Small and Medium Enterprises (MSMEs), Omar Shekarau said the partnership with NLNG reflects BOI’s reinforced focus as it implements its 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 added.
Olusi further said 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 the fund partners with real-time access to the performance of their fund.
”BOI is Nigeria’s foremost Development Finance Institution (DFI) 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,” the MD/CEO said.
NLNG says through the collaboration with BOI, it reinforces its commitment to fostering economic development, empowering local businesses, and sustaining long-term growth within its host communities.