Renaissance Africa Energy, the Nigerian oil and gas operator, has secured a $4.4 billion financing pool from 13 commercial and multilateral financial institutions to support indigenous oilfield contractors, strengthening its supply chain as it targets higher crude oil production by 2030.

The company signed a memorandum of understanding in Lagos to establish the Renaissance Vendors Financing Scheme, which provides $4.1 billion and N435 billion ($326.6 million) in financing capacity for local contractors executing onshore and offshore engineering, procurement, construction and maintenance projects.

The dual-currency facility offers competitive naira and U.S. dollar funding, allowing oilfield service providers to access credit without the conventional collateral requirements that often constrain local contractors.

Banking syndicate backs local oilfield contractors

The financing scheme brings together FirstBank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC Bank, Standard Chartered Bank, First City Monument Bank, Sterling Bank, Wema Bank, Union Bank, The Infrastructure Bank and Afreximbank.

The programme originated as a N1 billion ($750.806) pilot initiative during the Shell era in 2010. According to the company, the scheme has disbursed and recovered more than $1.3 billion without recording a single default across successive corporate transitions.

Renaissance said the arrangement aligns domestic banking liquidity with the financing needs of oilfield service providers, enabling them to execute larger field-development, drilling and brownfield optimisation projects.

Tony Attah, managing director and chief executive officer of Renaissance Africa Energy, said competitive interest rates would give vendors better financing terms than approaching banks individually.

He added that the programme’s zero-default record reflected the integrity of participating contractors.

Renaissance targets 500,000 barrels daily

The financing initiative supports Renaissance’s expansion following its acquisition of Shell’s onshore portfolio in March 2025. The company said it added 100,000 barrels per day to production within its first 100 days of operational control.

Renaissance is targeting net production of 500,000 barrels of oil per day and 1 billion cubic feet of natural gas daily by 2030.

The expansion aligns with Nigeria’s broader ambition to raise national crude oil production towards 3 million barrels per day while strengthening domestic participation in the petroleum industry.

Nigerian consortium owns Renaissance

Renaissance Africa Energy Holding Limited owns Renaissance Africa Energy, a consortium comprising ND Western Limited, Aradel Holdings Plc, Waltersmith Petroleum Development Company Limited, FIRST Exploration and Petroleum Development Company Limited, and Petrolin Group.

The vendor financing scheme positions local contractors to participate in the company’s expansion while supporting domestic capacity across Nigeria’s oil and gas value chain.