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The Bank of Industry (BoI) has been selected as a partner bank under the relaunched Renaissance Vendor Financing Scheme (RVFS), with a subscribed portfolio of $4.1 billion and N435 billion to improve access to financing for indigenous contractors and vendors in Nigeria’s oil and gas sector.
The partnership will enable BoI to deploy its development-financing expertise and advisory services to support eligible Nigerian businesses executing contracts for Renaissance Africa Energy Company Limited.
The scheme is designed to ease funding constraints affecting project mobilisation, equipment procurement, payroll and other contract-related obligations.
The refreshed scheme was formalised through a Memorandum of Understanding (MoU) signing ceremony in Lagos involving Renaissance and 13 financial institutions. BoI’s inclusion, alongside African Export-Import Bank (Afreximbank) and The Infrastructure Bank, expands the framework to incorporate development-focused financing institutions.
Speaking on the partnership, Executive Director, Large Enterprises, BoI, Shekarau Omar, said “BoI’s participation reflects our commitment to improving access to development finance and strengthening Nigerian enterprises in strategic sectors. By combining Renaissance’s contract-backed framework with our financing expertise, we aim to help eligible indigenous contractors mobilise resources, invest in equipment, execute projects and grow their businesses. This partnership also offers an opportunity to deepen local content, create jobs and support sustainable industrial development.”
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