Shell launches $3bn contractor finance facility in Nigeria

Shell plc Ltd (SNEPCo) launched a $3 billion Contract Finance Facility in partnership with nine major Nigerian banks to provide credit support for indigenous contractors executing projects for SNEPCo. The facility, available in Naira and US Dollars, aims to strengthen local content development in Nigeria's oil and gas industry. Participating banks include First Bank, GTCO Group, Zenith Bank, Access Bank Group, United Bank for Africa, Standard Bank Group — Stanbic IBTC Holdings, Standard Chartered, First City Monument Bank, and Fidelity Bank. Additionally, Shell awarded contracts worth $518 million to 123 indigenous companies in 2025 and paid about $2.016 billion to the Nigerian Government in production entitlements, royalties, taxes, and statutory fees. The facility is expected to reduce lending risks, improve contractor capacity, and deepen local participation in the energy value chain.