Fidelity Bank Plc has reaffirmed its commitment to Nigeria’s oil and gas industry through its participation in a $3 billion Contractor Finance Facility introduced by Shell Nigeria Exploration and Production Company Limited (SNEPCo) in partnership with nine leading financial institutions.

The facility, unveiled in Lagos, is aimed at providing credit support to indigenous oil and gas contractors executing projects for SNEPCo. The financing package will be available in both naira and United States dollars to help contractors access funding, improve project execution and strengthen local participation in Nigeria’s energy value chain.

Speaking on the initiative, the Managing Director and Chief Executive Officer of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said the bank remains committed to supporting investments that enable Nigeria to maximise the value of its oil and gas resources.

She noted that the oil and gas industry remains a major contributor to Nigeria’s Gross Domestic Product and requires adequate financing to drive project development and operational growth.

According to her, Fidelity Bank has consistently supported the sector and will continue to provide financial backing to contractors and other stakeholders within the industry.

Also speaking, the Managing Director of SNEPCo, Ronald Adams, said the facility aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act, which seeks to increase local participation and retain value within the country.

He explained that while participating banks provide the capital required for project execution, SNEPCo contributes contracts and payment domiciliation arrangements that help reduce lending risks. Contractors, on their part, are expected to deliver projects efficiently, creating a framework of shared responsibility and accountability.

For Fidelity Bank, the partnership reinforces its long-standing strategy of supporting key sectors of the economy, particularly the oil and gas industry, where access to structured financing remains essential for growth and development.

The bank said its participation further strengthens its position as a trusted financial partner to indigenous operators and contractors across the energy sector.

Over the years, Fidelity Bank has supported several major transactions and infrastructure projects within the industry, including financing initiatives that have enabled indigenous companies to expand operations, increase capacity and deepen local content participation.

The SNEPCo Contractor Finance Facility is expected to address one of the major challenges facing indigenous contractors—access to affordable and structured financing. Industry stakeholders believe the initiative will strengthen contractor capacity, improve project delivery and contribute to the growth of Nigeria’s oil and gas sector.