Exxon Mobil Begins ₦4.5m Loan Disbursement
ExxonMobil, one of the world’s largest oil and gas companies, has announced the disbursement of ₦4.5m in loans to qualified entrepreneurs in Nigeria. The initiative, which is part of the company’s corporate social responsibility program, aims to support small businesses and promote economic growth in the country.
The loan disbursement program is open to entrepreneurs in various sectors, including agriculture, healthcare, education, and technology. Applicants must meet the eligibility criteria, which includes being a Nigerian citizen, owning a registered business, and having a viable business plan. The loan amount ranges from ₦100,000 to ₦4.5m, and the repayment period is up to three years with a 7% interest rate.
The loan program is being implemented in partnership with the Bank of Industry (BOI), a Nigerian development finance institution that provides financial support to small and medium-sized enterprises (SMEs). The BOI will manage the loan disbursement process, which includes conducting due diligence, selecting qualified applicants, and disbursing funds.
ExxonMobil’s loan disbursement program is a significant contribution to Nigeria’s efforts to promote economic growth and reduce poverty. SMEs play a crucial role in Nigeria’s economy, accounting for over 50% of the country’s GDP and providing employment opportunities for millions of people. However, many SMEs face challenges in accessing finance, which limits their growth and innovation potential.
By providing affordable loans to SMEs, ExxonMobil is helping to bridge the financing gap and enable entrepreneurs to expand their businesses, create jobs, and contribute to economic development. The loan program is also aligned with the United Nations Sustainable Development Goals (SDGs), particularly SDG 8, which aims to promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.
Furthermore, ExxonMobil’s loan disbursement program demonstrates the company’s commitment to corporate social responsibility and sustainability. As a global corporation operating in various countries, ExxonMobil has a responsibility to contribute positively to the communities where it operates. The loan program is one way the company is fulfilling this responsibility and demonstrating its commitment to supporting economic development and promoting social welfare.