ExxonMobil, a major player in the oil and gas industry, has recently declared that it will provide N4.5 million worth of loans to eligible entrepreneurs in Nigeria as part of its corporate social responsibility program aimed at supporting small businesses and boosting economic growth.
Entrepreneurs from different industries such as agriculture, healthcare, education, and technology can apply for this loan disbursement program provided they fulfil certain requirements, which include being a registered Nigerian citizen with a viable business plan. The repayment period ranges up to three years with an interest rate of 7%, while the amount varies between ₦100,000 – ₦4.5m.
ExxonMobil has collaborated with the Bank of Industry (BOI), which is devoted towards providing financial backup to SMEs by enabling them access to affordable loans; BOI would be handling designated tasks like due diligence checks on applicant’s eligibility criteria verification along with managing funds distribution operations etc.
This initiative shows ExxonMobil’s concern over socio-economic development issues faced by aspiring entrepreneurs who do not have easy access to funding resources that restrict their operational expediency or innovation potential thus hampering economic progress within regions where significant fractions depend upon SMEs generating half GDP output alongside employment opportunities.
The company aims at bridging financing gaps through the provision of accessible credit facilities so startups can scale up their ventures, resulting in job creation, along with contributing significantly towards the SDG8 target, i.e. inclusive sustainable growth, through a fully productive work culture, benefiting communities positively via CSR programs, and eventually promoting sustainability goals.
Likewise, complying with ethical obligations imposed by international operating standards, ensuring positive impact realization for stakeholders involved, including shareholders, customers, and society in general, thereby playing the responsible role global players should play considering the importance attached to societal benefits outshine mere profit maximization strategies only
