ExxonMobil provides $975m in local content financing – MD

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There are indications that local content would be enhanced in Nigeria’s oil and gas industry as ExxonMobil has provided $975 million to support indigenous operators, Vanguard reports.

The funds are expected to enable indigenous companies that face many challenges; including limited funding to finance different projects and programmes. The Chairman, ExxonMobil, Mr Paul McGrath disclosed this at the just concluded 7th Nigerian Content conference organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Uyo, Akwa Ibom State.

On financing he said; “ExxonMobil has helped to facilitate access to funding to a number of local companies in Nigeria, there are a number of Nigerian banks that work with us. Over 113 million dollars has been accessed so far out of 975 million dollars available, under the ExxonMobil Nigeria Contractor Finance Scheme (EMNCFS), which was an initiative in partnership with some Nigerian banks.”

He said that over 700 graduates had benefited from the company’s skilled training, of which majority of them had been employed by various oil and gas companies in Nigeria. The managing director added that the company has also developed local potentials in world class engineering, adding that it has partnered with local engineering companies in Nigeria like Delta Afrik to develop and nurture quality engineering work.