LAGOS — Renaissance Africa Energy Company has signed a memorandum of understanding with 13 banks for its Renaissance Vendors Financing Scheme, which will make close to N6 trillion available to local oil and gas contractors. The facility is made up of $4.1 billion, about N5.4 trillion, and an additional N435 billion, and will be available in both naira and dollars. The participating lenders are First Bank, GTBank, Zenith Bank, Access Bank, UBA, Stanbic IBTC, Standard Chartered, FCMB, Sterling Bank, Wema Bank, Union Bank, The Infrastructure Bank and Afreximbank. Speaking at the signing in Lagos, the company's Managing Director and Chief Executive Officer, Tony Attah, said the scheme has existed since 2010. It began in the Shell era with about N1 billion and has recorded no defaults. He said the banks had agreed to offer contractors competitive rates. Attah said Renaissance added 100,000 barrels per day to production within 100 days of taking over the assets in March 2025. The company is targeting 500,000 barrels per day by 2030, more than 2.2 billion standard cubic feet of gas per day for energy, and an additional one billion cubic feet per day for industry, in line with the national goal of three million barrels per day. Chief Financial Officer Olusegun Banwo said success would be measured by how much money is disbursed, how quickly vendors receive it, and its effect on project delivery, Nigerian content and output. Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, said contractors with verified Renaissance contracts would be able to borrow without the usual collateral. He added that interest rates of 10 to 12 per cent could fall to between eight and nine per cent, and that equipment bought under the scheme could also be deployed for other operators.