ExxonMobil affiliates in Nigeria formally launched the ExxonMobil Nigeria Contractor Finance Scheme (EMNCFS), an initiative in partnership with twelve Nigerian banks - that offers competitive financing options to the company’s business partners in Nigeria. The EMNCFS is targeted at Nigerian vendors seeking access to better funding options to fulfill ExxonMobil awarded contracts and procurement orders.
Contractors participating in the scheme will have access to competitive loan rates from participating banks that would otherwise be unavailable to them. Additionally, loan processing times will also be significantly reduced due to upfront definition of eligibility criteria by the banks.
Speaking at the EMNCFS launch event, Mark Ward, Chairman/Managing Director, ExxonMobil Upstream affiliates in Nigeria expatiated on the importance of the Contractor Finance Scheme’s to the company’s Nigerian content development plan.
“ExxonMobil’s National Content program has 3 key elements – workforce development, strategic community investments and local supplier development. This contractor finance scheme underscores the development of local suppliers to form a competitive base, through their access to better and quicker funding options.”
Engr. Ernest Nwapa, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB) commended ExxonMobil for addressing the challenge of raising capital that many Nigerian contractors face, in addition to the company’s other Nigerian Content initiatives that had opened new doors to Nigerian contractors.
"Now, Nigerians can participate in things that they never even dreamed of participating in a few years ago. Just a few years ago, some of the things that were required of Nigerians were not even conjectured. But today, it is reality that we are getting these things done in Nigeria, and by Nigerians.”
“I believe that if we do more of this, we are going to get to the vision of the Nigerian people, that is to create more employment opportunities, and then begin to innovate so that in a few years’ time we will begin to look at an industry that is supporting the economy, and creating enough opportunities for our young people.”
Since the EMNCFS was introduced in November 2013 at least 24 contractors have been able to access funds under the scheme. About $8.6 billion is available for contractors under the program.
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