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NNPC, Addax Petroleum float N37m micro-credit scheme for 868 women

By BusinessNews Staff on April 7, 2014

With the clear realisation that mirco-credit is a crucial element towards the development and improvement of quality of life, Addax Petroleum Nigeria Limited as a company has put in place a micro-credit scheme designed to provide seed funds on a revolving basis to encourage rural dwellers to productively engage in small enterprise within their host communities.

To this end, a total of N37 million has been set aside to achieve this
objective as about 868 women divided into two parts will be benefiting from the project.

In the first phase 433 women from seven communities in Izombe in Oguta Local Government of Imo State were presented their cheques in a colourful ceremony in Owerri, the state capital where a total of N27.6 million were disbursed as seed money to these rural women.

In an address presented by the Senior Vice President and Managing Director of Addax Petroleum Nigeria Limited, Mr. Cornelis Zegelaar said the goal was to create and support entrepreneurship, improve the hosts’ communities livelihood and uplift the entire communities such that beneficiaries are enabled to take advantage of the diverse economic opportunities with the local communities.

Zegelaar who was represented by the Deputy Managing Director, Corporate Services, Mr. Tunji Mayaki also said that NNPC/Addax are funding the mirco-credit scheme because “we believe that access to formal financial institutions to fund a given entrepreneurial activity at the mirco and small level was challenging as banks would simply not extend loans to rural dwellers with little or no assets for reasons ranging from requirement of collaterals to high interest rates”.

[This Day]

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