Fidelity Bank Plc has strengthened its support for Nigeria’s oil and gas industry by joining a $3 billion Contractor Finance Facility established by Shell Nigeria Exploration and Production Company Limited (SNEPCo) in partnership with nine leading banks.
The financing initiative, unveiled in Lagos, is designed to improve access to credit for indigenous oil and gas contractors executing projects for SNEPCo.
The facility will provide funding in both naira and United States dollars, enabling local contractors to secure working capital, improve project execution and deepen participation in Nigeria’s energy value chain.
Speaking at the Memorandum of Understanding (MoU) signing ceremony, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, said the bank remained committed to financing initiatives that would help Nigeria maximise the value of its oil and gas resources.
She thanked Shell Nigeria Exploration and Production Company Limited for including Fidelity Bank in the programme, noting that the oil and gas industry remains a critical contributor to Nigeria’s Gross Domestic Product (GDP).
According to Onyeali-Ikpe, adequate financing is essential for the successful execution of projects across the sector, adding that Fidelity Bank has consistently supported the industry and will continue to provide financial backing to contractors and other stakeholders within the energy ecosystem.
Also speaking, SNEPCo Managing Director, Ronald Adams, said the facility aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act by promoting greater in-country value retention.
Adams explained that while participating banks provide funding and financial discipline, SNEPCo contributes contracts and payment domiciliation arrangements that help reduce lending risks. Contractors, he added, are expected to deliver quality performance, creating a financing framework built on shared accountability.
Fidelity Bank said its participation in the scheme reflects its long-standing strategy of supporting key sectors of the Nigerian economy, particularly the oil and gas industry, where access to structured financing remains vital for project delivery, local content development and national energy security.
The bank noted that it has previously financed major transactions and infrastructure projects across the energy sector, including support for indigenous companies in the liquefied petroleum gas (LPG) segment and other local content initiatives aimed at expanding indigenous participation.
Industry stakeholders described the SNEPCo Contractor Finance Facility as a significant intervention that addresses one of the biggest challenges facing indigenous contractors—access to affordable and fit-for-purpose financing.
They said the arrangement is expected to strengthen contractors’ financial capacity, reduce lending risks and improve the timely delivery of oil and gas projects across Nigeria.
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