Shell gives N288 million (US$2.28 million) microcredit to 48 communities

Print
 
Aug 2007
Nigeria, August, 24 2007 - Respite came to some oil producing communities, as Shell Petroleum Development Company (SPDC) West doled out N288 million (US$2.28Mln) to 48 of them as micro-credit facility to grow their businesses. The benefiting communities are from Edo, Delta and Bayelsa States.

Addressing the beneficiaries, Mr Emeka Obi, Head, Regional Programmes and Sustainable Community Development West Re-entry Lead, said the programme was aimed at revamping small and medium scale enterprises (SMEs) in the communities.

He explained that the loan was a revolving one, which must be paid back for other communities to benefit from and charged them to use it wisely in order to enhance their businesses.

But Mr Ubaka Emelumadu, Community Affairs Director, Shell disclosed that the amount will be disbursed to 5,780 beneficiaries in the company’s western area of operations, stressing that in batch one which had been disbursed, Shell gave out N270 million as micro-credit loan facilities to 5,297 persons drawn from 45 host communities.

According to him, micro-credit has been seen as one of the most effective strategies in the fight against poverty and in the area of sustainability which can also be implemented on a big scale to effectively respond to the urgent needs of the poor for accessible credit facility.

Dr (Mrs) Abieyuwa Osemekhai, Commissioner for Commerce and Industry, Edo State commended Shell for the gesture and pleaded that the programme be expanded to enable more people benefit.

She advised the beneficiaries to make good use the loan, as it is meant to improve their lots and reminded them that they have to pay back for others to benefit.



 

Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

Learn More