Business Port Harcourt Refinery Inaugurates Loan Scheme to Citizens to Help Develop Host Communities

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LequteMan

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The Port Harcourt Refining Company (PHRC) has flagged off its micro credit scheme aimed at providing economic empowerment to its host communities.

Speaking at the ceremony in Eleme, Rivers, Mr Ian Udoh, the Managing Director, PHRC, said the scheme was" just one of the ways" the company had found for implementation.

"We will go further to implement the youth empowerment and skill acquisition scheme, which has already been approved by our management and will roll out every soon.

According to Mr Ralph Ugwu, Manager, Public Affairs, PHRC, the main thrust of the scheme is to provide economic empowerment through credit financing to promote enterprise development.

“The scheme will encourage human capacity development of the people, generate income, build wealth overtime and reduce poverty to the barest minimum

“It is thus capable of promoting the traditional occupation of the people namely, fish farming, trading, craftsmanship etc. ``

He said that the process of selecting beneficiaries involved the PHRC Joint Community Relations Committee for the two communities.

Ugwu urged the beneficiaries to work assiduously to grow their businesses profitably and repay the loans for other people to benefit.

Mr Ken Onodingene, the Managing Director of Kantas International Nigeria Ltd., said that the beneficiaries were screened on individual business basis and the modalities resulted in outlining the low, medium and high income business outfits.

The low income business outfit graded to receive a loan between N50, 000 and N500, 000, the medium N501, 000 to N1 million and high grade N1 million to N3 million.

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