Shell,
supported by the Nigerian National Petroleum Corporation, has signed Memoranda
of Understanding with eight local banks under the refreshed Shell Contractors’
Support Fund. The oil
major, in a statement on Sunday, described the development as the latest
milestone in efforts to improve access to finance for Nigerian vendors and
suppliers in the oil and gas industry. It said under the MoUs signed in Lagos,
Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard
Chartered Bank, First City Monument Bank and Guaranty Trust Bank had set aside
$2.2bn for contract execution by Nigerian firms.
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