Renaissance Targets 500,000bpd By 2030 With $4.1bn, N435bn Contractor Financing

The Renaissance Vendors Financing Scheme (RVFS) unveiled at a Memorandum of Understanding (MoU) signing ceremony in Lagos offers credit support in both naira and US dollars to local contractors executing projects for the company.

A statement issued on Thursday listed the 13 participating banks as First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC Bank, Standard Chartered Bank, First City Monument Bank, Sterling Bank, Wema Bank, Union Bank, The Infrastructure Bank, and African Export-Import Bank (Afreximbank).

Managing Director and Chief Executive Officer of Renaissance Africa Energy Company, Tony Attah, said the programme’s long history demonstrated the potential to scale contractor financing in support of the company’s growth agenda.

Attah said, “This is a programme that has been running since 2010. We are unveiling the power of Renaissance and the scalability of the company.”

He recalled that the initiative began in the Shell era with a fund of about N1 billion, with a later ambition to grow it to $1 billion.

Attah stated, “What we’ve been able to achieve as Renaissance is to go into that partnership with these incredible 13 banks who have come up to support this vendor scheme at over $4 billion and over N435 billion funds available for the vendors to be able to support us in our growth agenda.”

He said the scheme had recorded no defaults under previous administrations.

He stated, “So very good credit to the vendors themselves. Integrity is a core value to us at Renaissance.”

Attah also said interest rates offered to contractors were competitive.

According to him, “The interest rate that the banks are offering to the contractors is very competitive, and it is certainly better than the vendors going out to the respective banks on their own.”

On production, Attah said Renaissance increased output by 100,000 barrels per day within 100 days of taking over the assets in March 2025. 

The company has committed to growing oil production to 500,000 bpd by 2030, with gas production of more than 2.2 billion standard cubic feet per day for energy supply and an additional one billion standard cubic feet per day for industrialisation. This aligns with Nigeria’s aspiration to produce three million barrels of oil per day.

Attah stated, “That is a massive scale, and this vendor financing is one of the strategic options we have put in place to be able to support the partners who are going to go with us on this journey.

“Funding is a critical aspect of achieving this growth agenda for us.”

Executive Vice President, Finance, Strategy and Commercial, Renaissance, Olusegun Banwo, and Attah said the scheme’s success would be measured by its actual impact on contractors and project delivery rather than financing commitments alone.

The company said key indicators would include the volume of financing disbursed, how quickly qualified vendors could access funds, and the extent to which the facility improved mobilisation, project execution, Nigerian content, and production.

Banwo described the initiative as a transition from alignment to formalisedcommitment, using strategic financing to drive enterprise growth and shared prosperity. 

He called the 13 banks’ commitment a significant vote of confidence in the programme and the quality of its vendor ecosystem.