The Bank of Industry (BoI) has joined Renaissance Africa Energy Company Limited’s relaunched Vendor Financing Scheme, which has a subscribed financing portfolio of $4.1 billion and ₦435 billion to support indigenous contractors and vendors in Nigeria’s oil and gas industry.
The partnership brings BoI’s development-financing expertise into a programme designed to help eligible Nigerian businesses fund project mobilisation, purchase equipment, meet payroll obligations and cover other contract-related expenses.
The arrangement was formalised through a memorandum of understanding signed in Lagos involving Renaissance and 13 financial institutions. BoI joins other development-focused institutions, including the African Export-Import Bank and The Infrastructure Bank, within the expanded financing framework
Speaking on the partnership, BoI Executive Director for Large Enterprises, Shekarau Omar, said the bank’s participation would improve access to finance for Nigerian businesses operating in strategic sectors. He added that the collaboration could help contractors execute projects, expand their operations, strengthen local content and create jobs.
Under the scheme, eligible vendors can access financing against qualifying Renaissance contracts, subject to applicable assessments and approval requirements. The framework is intended to reduce funding constraints that often prevent local contractors from delivering projects despite securing contracts.
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The initiative builds on a vendor-financing programme established during the Shell era and is expected to strengthen indigenous companies’ capacity to participate in oil and gas operations while supporting wider industrial development.
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