EMMANUEL NLEWEDUM, Port Harcourt
The Nigerian Liquefied Natural Gas, NLNG, in partnership with the Bank of Industry Limited (BOI), has launched a N1 billion matching fund scheme to boost economic and business opportunities for host communities of the firm in Rivers State.
The matching fund scheme, which is a counterpart funding between the NLNG and BOI is designed to support local vendors, individual businesses, and also nurture an ecosystem where NLNG’s host communities benefit from both their operations and broader national economic potentials.
NLNG’s General Manager, External Relations and Sustainable Development, Sophia Horsfall, disclosed this at the official launch of the NLNG – BOI N1 Billion Micro, Small And Medium Enterprise Fund (MSME) in Port Harcourt, yesterday.
Horsfall said that the scheme with theme: “Revolutionising Enterprise: NLNG MSME as a catalyst for growth” serves as bold step towards integrating economic self-reliance and advancement, and sustainable development to build economically thriving communities, and boost the living conditions of their host communities in the state.
She explained that the scheme, in partnership with the BOI is aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) across the NLNG’s 110 host communities and supporting entrepreneurial growth and job creation in the state.
According to her, the scheme, when fully operational, will bolster enterprise spirit and continue to create economic opportunities and bolster positive transformation in their host communities and stimulate long-term growth, economic resilience, and shared prosperity.
Horsfall said the program,e which provides financial support and capacity-building for existing and upcoming local vendors and businesses, underscores the NLNG’s deep commitment to the well-being of it’s host communities and operating environment.
“This event gives me the opportunity to reaffirm NLNG’s belief that true progress is achieved when communities are empowered with the right tools and opportunities to thrive economically. This has consistently inspired the transformational programmes which we deliver through our strategic focus on education, economic empowerment, infrastructural development, and healthcare improvement.
“These four pillars shape our Corporate Social Responsibility approach, enabling us to foster sustainable growth and prosperity in our host communities.”
She said, “The MSME Scheme evolved from two of our formidable initiatives – the NLNG Microcredit Scheme and the NLNG Local Vendor Finance Scheme. These unique initiatives were set up to provide funding at lower interest rates to support small-scale enterprises in NLNG’s host communities. The scheme was established as a buffer to allow beneficiaries to access loans at a reduced interest rate of 9%, especially given the rising bank interest rates, which are inaccessible by small enterprises.
“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 Matching Fund 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.”
Horsfall added that the scheme is also structured to mitigate financial risks, embed sustainability, and strengthen local economies.
“In 2024, NLNG successfully completed a rebranding project with a renewed vision to be a globally competitive energy company that improves lives sustainably. This scheme embodies that vision in action, because it is not just about financing, it is 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.
“Ahead of this scheme, and as part of our bold efforts to reinforce sustainable advancement of our communities, NLNG in 2019 inspired the General Memorandum of Understanding (GMoU) model of corporate social investment which empowers our stakeholders with ownership and management rights over NLNG funded community-driven projects.
“This GMOU agreements, which we signed with our host communities and partner institutions, established a framework for promoting sustainability, accountability and long-term socio-economic benefits from NLNG funded development initiatives. I am delighted to state here that numerous development projects have been commissioned on the back of the GMOUs.
“And now, a Memorandum of Understanding was signed with BOI in 2023 providing a Matching Fund platform. Company invested a seed fund of N500m while BOI matched funds thereby providing a pool, in total of N1billion.
“This partnership also deployed a streamlined online loan application platform, to reduce overhead costs and ensure that the funds reach those who need them most, in a timely and efficient manner. This will ensure that the scheme remains transparent, accessible, and impactful.
“The Bank of Industry (BOI) has also committed to oversee the fund management, facilitate faster processing, broader outreach, and better financial governance”.
Horsfall added that, “With the Bank of Industry as our trusted partner, we are confident in the structure and success of this initiative, and I urge all eligible members of our host communities to embrace this initiative with integrity, commitment, and accountability required to build a thriving, and self-sufficient future for all.”
Speaking shortly after he officially launched the NLNG-BOI Matching Fund initiative, and also unveiled the BOI MSME App, the Managing Director and Chief Executive Officer, Bank Of Industry, BOI, Nigeria, Dr Olasupo Olusi, hailed the partnership between the NLNG and the BOI as bold step targeted at eradicating poverty in the host communities.
Olusi, represented by the Executive Director, MSME at the Bank of Industry, Shekarau Omar, reiterated the BOI’s commitment to developing Nigeria and transform the nation’s industrial sector with MSMEs through provision of financial and business support services to enterprises.
While assuring that the BOI will deliver on all promises made to her partners and applicants, he said the newly launched BOI MSME App will make it easy for applicants to apply for loans and access funds.
He said, “This is more than a strategic program, it is a transformative opportunity to empower indigenous contractors, vendors, as well as small and medium-scale enterprises operating across all the host communities of the Nigeria Liquefied Natural Gas (NLNG) in Rivers State.
“NLNG remains a leading global player in the Liquefied Natural Gas (LNG) sector, and its contribution to Nigeria’s economy is profound.
“Today, we not only celebrating NLNG’s achievements in the energy sector but also commending its unwavering commitment to inclusive and sustainable community development.
“At the Bank of Industry, we are guided by our mission to transform Nigeria’s industrial sector by providing financial and business support services to enterprises. This matching fund initiative aligns perfectly with our goal of supporting local businesses and laying the foundation for a resilient, inclusive, and self-sufficient economy.
“With a total fund size of N1 billion, jointly contributed by BOI and NLNG, we anticipate significant socioeconomic impact. It is projected that over 300 businesses will benefit from the fund, leading to the creation of direct and indirect jobs, thereby uplifting families and livelihoods in the host communities.”
The BOI Boss further stated that the scheme, which is targeted at eradicating poverty in all 110 NLNG host communities, adding that the partnership will be supported by the scheme with mentorship and capacity building programmes.
“This partnership also reflects BOI’s reinforced focus as we implement our 2025-2027 corporate strategy, centred on six thematic areas: Youth & Skills, Gender, Digital, MSMEs, Climate Finance, and Infrastructure. Each pillar represents our commitment to inclusive, equitable, and sustainable development.
“Through this partnership, we are introducing innovative financial solutions including contract financing, local purchase order (LPO) financing, and invoice discounting. These tailored products will serve the unique and diverse needs of indigenous businesses and stimulate growth and development within the sector.
“To ensure efficiency and transparency, BOI has deployed a cutting-edge end-to-end loan management platform called the BOI Fund Partner Solution. This digital tool is easily accessible on our website, allowing customers to apply, receive, and repay loans from the comfort of their locations. It will also provide our fund partner with real-time access to the performance of the fund, reinforcing accountability, transparency and trust.
“We are optimistic that the success of this collaboration will catalyse similar partnerships with other oil and gas majors, local manufacturing conglomerates, and fast-moving consumer goods companies; expanding access to capital for Nigeria’s businesses.” He said.
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