SNEPCo Launch $3bn Finance Scheme to Support Nigerian Contractors
The Shell Nigeria Exploration and Production Company Limited (SNEPCo) don introduce a $3 billion Contract Finance Facility to help Nigerian contractors access funding for projects in the oil and gas sector.
The initiative, developed in partnership with nine leading Nigerian banks, is expected to reduce funding challenges faced by indigenous contractors and boost local participation in the industry.
According to SNEPCo, qualified contractors handling projects for the company will be able to access loans in both Naira and United States Dollars, depending on the nature of their contracts.
The company said the finance scheme is designed to improve project execution, strengthen the capacity of local businesses and promote value retention within Nigeria.
SNEPCo explained that the programme also supports the objectives of the Nigerian Oil and Gas Industry Content Development Act, which encourages greater participation of Nigerian companies in the country’s energy sector.
The nine participating banks are:
- First Bank
- Guaranty Trust Bank (GTBank)
- Zenith Bank
- Access Bank
- United Bank for Africa (UBA)
- Stanbic IBTC Bank
- Standard Chartered Bank
- First City Monument Bank (FCMB)
- Fidelity Bank
SNEPCo said the collaboration will make it easier for local contractors to secure the financial support they need to deliver projects efficiently while contributing to the growth of Nigeria’s oil and gas industry.
The company added that the initiative is part of its ongoing commitment to strengthening local content, supporting indigenous businesses and driving sustainable economic development.
