Fidelity Bank Plc has reaffirmed its commitment to Nigeria’s oil and gas industry through its participation in the $3 billion Contractor Finance Facility introduced by Shell Nigeria Exploration and Production Company Limited (SNEPCo) in collaboration with nine leading financial institutions.
The financing initiative, unveiled in Lagos, is designed to provide credit support to indigenous oil and gas contractors executing projects for SNEPCo.
The facility will offer financing in both naira and United States dollars, giving local contractors easier access to working capital, improving project execution and strengthening indigenous participation across Nigeria’s energy value chain.
Speaking at the launch, Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, expressed appreciation to SNEPCo for including the bank in the initiative, while reaffirming Fidelity Bank’s commitment to financing strategic projects within the sector.
“On behalf of the Board and Management of Fidelity Bank Plc, we thank Shell Nigeria Exploration and Production Company Limited for enrolling us in this contractor finance facility.
At Fidelity Bank, we remain committed to providing the financing required to help Nigeria maximise the value of its oil and gas assets.
“As we all know, the oil and gas industry is a major contributor to Nigeria’s GDP, making it essential that adequate financing is available to ensure projects are successfully executed.
“We have significantly supported the industry over the years, and we remain committed to supporting contractors and the entire oil and gas ecosystem,” she said.
Also speaking, the Managing Director of SNEPCo, Ronald Adams, explained that 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 him, the participating banks provide capital and financial discipline, while SNEPCo contributes contracts and payment domiciliation to reduce lending risks.
Contractors, in turn, are expected to deliver quality project performance, creating a financing framework built on shared accountability.
For Fidelity Bank, participation in the facility further reinforces its long-standing strategy of supporting critical sectors of the Nigerian economy, particularly the oil and gas industry, where access to structured financing remains essential for project delivery, local content development and national energy security.
The bank has consistently positioned itself as a trusted financial partner to indigenous operators, supporting several landmark transactions and infrastructure projects across the energy sector.
These include financing interventions for indigenous companies operating in the liquefied petroleum gas (LPG) segment, local content development initiatives and other major energy investments that have expanded indigenous capacity and strengthened Nigeria’s energy industry.
By leveraging its financial strength, industry expertise and relationship-driven approach, Fidelity Bank continues to play a vital role in advancing Nigeria’s oil and gas ambitions while supporting sustainable economic growth.
The SNEPCo Contractor Finance Facility is expected to significantly address one of the industry’s biggest challenges—limited access to fit-for-purpose financing for indigenous contractors.
Through a financing structure backed by contracts and payment domiciliation, the initiative is expected to reduce lending risks, improve contractors’ access to capital, strengthen execution capacity and enhance efficiency in project delivery.
Industry stakeholders have described the facility as a significant milestone that will unlock financing opportunities for indigenous contractors, promote greater local participation and accelerate the successful delivery of critical oil and gas projects across Nigeria.
