The Nigerian Agip Oil Company (NAOC) Joint Venture, comprising Agip, the Nigerian National Petroleum Corporation (NNPC) and Oando, on Friday identified lack of funding as a major constraint to Nigerian companies operating in the oil and gas industry.

The JV partnership stated that it was important to explore ways to make funds available for Nigerian-owned ventures if the country was to achieve the projected self-sufficiency in executing significant contracts and projects. Mr. Lorenzo Fiorillo, Vice Chairman/Managing Director of NAOC, who spoke in Yenagoa, Bayelsa State capital during a workshop organised for industry operators, said however, that its collaboration with three Nigerian banks had greatly minimised the problem.

He said: “Over time, we have identified financing as a major gap in the ability of Nigerian companies to bid and execute contracts in the oil and gas industry. Consequently, in the last four years, NAOC has entered into a Memorandum of Understanding on vendor financing schemes with three major banks in Nigeria- Stanbic Ibtc, UBA and Zenith in order to support her contractors in providing funds for the execution of projects and contracts awarded by the company.”

Source: Independent