The era of financial constraints for Nigerian indigenous contractors doing business with Shell Nigeria Exploration & Petroleum Company of Nigeria is gone, as Nigerian contractors working for SNEPCo can access a $3 billion credit fund.
The contractors’ financial lifeline was recently launched to cushion the financial hurdles these contractors face in executing major upstream projects, which have led to bottlenecks in project delivery. SNEPCo’s contractors are now repositioned to access this fund for timely project delivery.
The Contract Finance Facility is a result of SNEPCo’s partnership with First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank, and Fidelity Bank.
Although the details and modalities for contractors to source the fund are yet to be disclosed to the public, according to SNEPCo, the $3 billion will be available in both Naira and USD for use by the contractors.
