Connect with us
X
Categories:

Business

Shell Plc signs $200 million with UBA to help finance local contractors

All Naija Entertainment

Published

on

Royal Dutch Shell Plc’s Nigerian unit agreed a $200 million deal with United Bank for Africa Plc to help its local vendors and suppliers access project finance.

Complement of the season greetings from All Naija Entertainment. Read here


According to Bloomberg, the latest deal brought Shell’s Nigerian contractor support fund to $2.4 billion. The fund could be accessed by contractors who have a valid purchase order and meet the bank’s risk assessment criteria, Shell said.

“Lack of access to capital hinders many Nigerian companies from competing for and executing contracts effectively,” Bashir Bello, Shell’s General Manager for Government and Business Relations, said in an emailed statement on Sunday.

Shell is Nigeria’s largest producer, pumping an average of 631,000 barrels a day in 2017, about a third of nation’s output. In 2016, Shell signed a $2.2 billion accord with seven Nigerian lenders that have since disbursed around $1.5 billion of loans to more than 300 small- and medium-sized Nigerian Shell suppliers and vendors in the oil and gas industry, the company said.

DON'T MISS:  Dwayne Johnson (The Rock) Never Kissed In Films Nor Had S*x In A Movie. Is It True?
READ ALSO  TCN speaks on ‘collapse’ of electricity nationwide







Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment
Reach us on WhatsApp via: +2348104471989

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don’t Miss!

Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.





Latest Exchange Rate

Donate To ANE!


Mind buying a coffee to support us here at All Naija Entertainment?. Yes?

Donate Now

ANE Billboard Hots!



Join "ANE sabi" clique

Don't miss a thing, get ogbonge ANE latest updates to fuel your conversation daily.





Copyright © All Naija Entertainment.

css.php