The Federal Government on Tuesday applauded ExxonMobil Nigeria for the launch of 8.6 billion dollar (N137.6) contractors finance scheme.
Speaking at the launch in Lagos, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr Ernest Nwapa commended the management of the oil major.
Nwapa said that the company had always reviewed its operation to conform to the Nigerian laws.
He also said that following the signing of Nigerian Content Act 2010 by President Goodluck Jonathan, the company had reviewed its operations to comply with the law.
“The law demands that Nigerians undertake what to be done by Nigerians.
“We all know that funding has been a major challenge for Nigerians to execute the magnitude of work in the oil sector.“Also, mobilising Nigerian banks to release funds to oil sector operations is also an issue.
“But things have changed now with the availability of 8.6 billion dollar by Exxon Mobile and its banking partners to Nigerian contractor.
“I urge contractors to take full advantage of this opportunity to drive the transformation agenda of President GoodLuck Jonathan”
The Managing Directors, ExxonMobil Mark Ward, said that the initiative was to support Nigeria local content policy by supporting contractors with the funds to finance the contract they were executing for the company.
“We are making 8.6 billion dollar available under this scheme with 12 banks as our partners. The scheme was initiated in November 2013 and we have beneficiaries so far.
“The scheme is aimed at ensuring speedy completion of our work and to develop capacity building needed in Nigeria. It also provides cheaper fund, reduced loans processing time, increases credit eligibility and develop local content capacity,” he said.