Shell, UBA sign $200m contractor support fund vanguardngr.com vanguardnews
Shell Petroleum Development Company of Nigeria Limited, SPDC, has upped its contractor support fund with $200 million in a latest effort to boost the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry. This latest move brings the fund size to $2.4 billion.
The fund provides support for contractors to finance projects executed for Shell companies in Nigeria in line with the aspirations of the Nigerian Content Act. To access the fund, contractors must have a valid purchase order and meet the bank’s risk assessment criteria. “This funding will enable us to achieve our community content ambition of increasing participation of host communities in the SPDC value chain.”
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