Indigenous contractors accessed $113m out of $975m contractor fund —ExxonMobil

The Managing Director of ExxonMobil Nigeria Unlimited, Mr Paul McGrath, has stated that indigenous contractors have accessed $113 million out of $975 million earmarked to support Nigerian contractors.

According to him, “ExxonMobil has helped to facilitate access to funding to numbers of local companies in Nigeria in partnership with some Nigerian banks. Over $113 million has been accessed so far out of  $975 million available,  under the ExxonMobil Nigeria Contractor Finance Scheme (EMNCFS), that was initiated in partnership with some  Nigerian banks.

“Also, that offers competitive financing options to local 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.

“Loan processing times will also be significantly reduced due to upfront definition of eligibility criteria by the banks because if the funding was not available to Nigerian contractor they will not be in business.”

Moreover, he reiterated his company’s support for the local content policy of the Federal Government, stressing that “local content and development of local content is so important to me, and also ExxonMobil is concerned about deepening Nigerian content in our industry.

“ExxonMobil gives first consideration to local companies in Nigeria. We have been at the forefront of local content development in Nigeria. Nigerian local content is a moral obligation and is good for business because in Nigeria, we have highly and semi skilled workforce which we give total support to at all categories.

“When we talk about practical Nigerian content and implementation of local content,  ExxonMobil has been at the forefront.” he said.

McGrath said that the company was one of the country’s highest producers of crude oil, accounting for almost 600,000 barrels per day of crude, condensate and natural gas liquids. Its joint venture operation has over 90 offshore platforms from its Qua Iboe terminal operations area in Akwa Ibom State, comprising about 300 producing wells.