Fidelity Bank Joins Shell’s $3bn Contractor Finance Facility

Nigeria’s indigenous oil and gas contractors have received a significant financial boost as Fidelity Bank Plc joins forces with Shell Nigeria Exploration and Production Company Limited (SNEPCo) and nine leading banks to launch a $3 billion Contractor Finance Facility. The initiative is expected to improve access to funding, strengthen local content development and accelerate critical energy projects across the country.

Nigeria’s oil and gas industry has received a major financing boost as Fidelity Bank Plc partners Shell Nigeria Exploration and Production Company Limited (SNEPCo) and nine leading financial institutions to launch a $3 billion Contractor Finance Facility. The initiative is designed to expand access to affordable funding for indigenous contractors, strengthen local participation and drive sustainable growth in one of Nigeria’s most strategic economic sectors.

Fidelity Bank Plc has joined Shell Nigeria Exploration and Production Company Limited (SNEPCo) and nine banks to launch a $3 billion Contractor Finance Facility. The programme will provide naira and US dollar funding to indigenous oil and gas contractors, helping them execute projects, improve local content participation and support Nigeria’s energy sector growth.

Fidelity Bank Plc has reaffirmed its commitment to Nigeria’s oil and gas industry by participating in the $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited (SNEPCo) in collaboration with nine leading financial institutions.

The financing scheme, unveiled in Lagos, is designed to provide credit support to indigenous oil and gas contractors handling projects for SNEPCo. Available in both naira and United States dollars, the facility will improve access to structured financing, enhance project execution and increase local participation across Nigeria’s energy value chain.

Speaking at the unveiling, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, described the partnership as a strategic step towards unlocking greater value from Nigeria’s oil and gas resources.

“On behalf of the Board and Management of Fidelity Bank Plc, we thank Shell Nigeria Exploration and Production Company Limited for including us in this Contractor Finance Facility.

“At Fidelity Bank, we remain committed to providing the financing needed to help Nigeria maximise the value of its oil and gas assets.

“As we all know, the oil and gas sector remains a major contributor to Nigeria’s Gross Domestic Product (GDP). Therefore, adequate financing is essential to ensure projects are successfully delivered.

“We have consistently supported the industry and will continue to provide financing for contractors and the entire oil and gas ecosystem,” Dr. Onyeali-Ikpe said.

Meanwhile, the Managing Director of SNEPCo, Ronald Adams, said the initiative aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act, which promotes increased local participation and value retention within the country.

According to Adams, the participating banks will provide capital and financial discipline, while SNEPCo will provide contracts and payment domiciliation to reduce lending risks.

Contractors, in turn, are expected to deliver quality project execution, creating a transparent and accountable financing structure.

The partnership further strengthens Fidelity Bank’s long-standing commitment to supporting strategic sectors of Nigeria’s economy, particularly the oil and gas industry, where timely and structured financing remains critical for project delivery, local content development and national energy security.

Over the years, the bank has financed several landmark transactions and infrastructure projects across the energy sector. These include support for indigenous operators in the liquefied petroleum gas (LPG) segment, local content development initiatives and other high-value energy transactions that have expanded industry capacity and enhanced indigenous participation.

Through these strategic interventions, Fidelity Bank continues to leverage its financial strength, sector expertise and long-standing relationships to support projects that drive Nigeria’s energy ambitions, economic growth and industrial development.