…Partnership to expand access to finance for Nigerian oil and gas
contractors and strengthen local content development
LAGOS, Nigeria — October 18, 2026
The Bank of Industry (BoI) has been selected as a partner bank under
the relaunched Renaissance Vendor Financing Scheme (RVFS), with a
subscribed portfolio of US$4.1 billion and ₦435 billion to improve
access to financing for indigenous contractors and vendors in
Nigeria’s oil and gas sector.
The partnership will enable BoI to deploy its development-financing
expertise and advisory services to support eligible Nigerian businesses
executing contracts for Renaissance Africa Energy Company Limited. The
scheme is designed to ease funding constraints affecting project
mobilisation, equipment procurement, payroll and other contract-related
obligations.
The refreshed scheme was formalised through a Memorandum of
Understanding (MoU) signing ceremony in Lagos involving Renaissance and
13 financial institutions. BoI’s inclusion, alongside African
Export-Import Bank (Afreximbank) and The Infrastructure Bank, expands
the framework to incorporate development-focused financing institutions.
Speaking on the partnership, Shekarau Omar, Executive Director, Large
Enterprises, BoI, said: “BoI’s participation reflects our commitment
to improving access to development finance and strengthening Nigerian
enterprises in strategic sectors. By combining Renaissance’s
contract-backed framework with our financing expertise, we aim to help
eligible indigenous contractors mobilise resources, invest in equipment,
execute projects and grow their businesses. This partnership also offers
an opportunity to deepen local content, create jobs and support
sustainable industrial development.”
Under the arrangement, BoI will provide financing through Contract
Finance Facilities, Invoice Discounting Facilities, and eligible local
and international purchase orders. Its responsibilities will include
credit assessment, disbursement, facility servicing and recovery, as
well as holding security over financed instruments, subject to
applicable requirements.
Financing will be available to qualified vendors against valid
Renaissance contracts, supported by contract-verification and
payment-control mechanisms designed to strengthen transaction visibility
and repayment management.
The scheme builds on a vendor-financing platform established during the
Shell era. Programme information indicates that approximately US$1.3
billion has historically been disbursed and liquidated, with no unpaid
facilities and a zero non-performing loan position.
The initiative aligns with the objectives of the Nigerian Oil and Gas
Industry Content Development Act 2010 by supporting indigenous
businesses’ participation and capacity development across the oil and
gas value chain.
The programme’s potential employment impact is estimated at 7,500
jobs, comprising 3,000 direct and 4,500 indirect jobs. These are
projected outcomes dependent on financing uptake, project execution, and
business expansion.
Through the partnership, BoI will work with Renaissance and other
scheme participants to improve access to capital, strengthen local
contractors’ capacity, and contribute to Nigeria’s industrial
growth.
