The Nigerian oil and gas group Shell has signed a $ 200 million deal with United Bank for Africa to give local sellers and suppliers access to additional project financing.
That brings the amount that Shell has made available through its Nigerian support fund up to 2.4 billion dollars. This money is intended to help entrepreneurs from the African country with they work. Lack of access to capital still hinders many Nigerian companies from competing effectively and executing contracts.
Shell is the largest oil producer in Nigeria and pumped an average of 631,000 barrels per day in 2017, accounting for around a third of national production. In 2016, Shell signed an agreement on $ 2.2 billion with seven Nigerian lenders, who have since provided $ 1.5 billion in loans to over 300 small and medium-sized Nigerian Shell suppliers and sellers in the oil and gas industry.
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