Fidelity Bank Plc has reinforced its commitment to Nigeria’s oil and gas sector through its participation in the $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited in partnership with nine leading banks.
The facility, unveiled in Lagos, is designed to provide credit support to indigenous oil and gas contractors executing projects for SNEPCo. The financing will be available in both naira and United States dollars, creating a structured platform for local contractors to access funding, improve project delivery and strengthen their participation in Nigeria’s energy value chain.
Speaking at the launch, the Managing Director and Chief Executive Officer of Fidelity Bank, Nneka Onyeali-Ikpe, said the bank remained committed to providing the financing required to unlock greater value from Nigeria’s oil and gas assets.
She noted that the sector remains a major contributor to Nigeria’s Gross Domestic Product (GDP), making access to finance critical for project execution and industry growth.
“We have supported the oil industry significantly and we commit to continue to support contractors and the entire ecosystem,” she said.
Managing Director of SNEPCo, Ronald Adams, said the initiative aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act by promoting greater in-country value retention.
According to Adams, while the participating banks provide financing and financial discipline, SNEPCo contributes contracts and payment domiciliation to reduce lending risks, with contractors expected to deliver quality project execution.
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