LAGOS – Shell Companies paid over $1.09 billion in corporate taxes and royalties to the Federal Government last year.
This included $442 million from Shell Petroleum Development Company (SPDC) and $649 million from Shell Nigeria Exploration and Production Company (SNEPCo).
Besides, the companies awarded contracts worth $1.98 billion to Nigeria-registered businesses, reflecting a 3% increase from the previous year.
“Shell is committed to contributing positively to the Nigerian economy and the communities in which we operate,” Chidi Nkazi, disclosed these to Nigeria’s Vice President when he visited the Shell booth alongside other dignitaries at the 30th Nigeria Economic Summit
“Our investments not only support government revenue, but also empower local economies and create employment opportunities”, Nkazi boasted
According to Nkazi,beyond economic contributions, Shell’s social investments have helped to improve the quality of life in communities.
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In 2023, SNEPCo invested $42.2 million in various social programs, focusing on health, education, road safety, and entrepreneurship.
Shell’s commitment to education has seen it support thousands of students through scholarships since the 1950s. More than 3,450 secondary school scholarships, 3,772 university grants, and 1,062 cradle-to-career scholarships have been awarded since 2016.
“The partnership between Shell and Nigeria reflects our dedication to sustainable development and community empowerment,” Nkazi said, adding: “We will continue to seek innovative ways to support economic growth and improve the livelihoods of Nigerians.”
Nkazi, noted that through collaboration Shell Companies in Nigeria are powering Nigeria’s progress with significant contributions to the economy.
He highlighted SCiN collaboration with co-venture partners to foster knowledge sharing, resources pooling and risk mitigation leading to more efficient and sustainable operations.
He informed the Vice President of Shell’s technical expertise and resources and how Shell has leveraged it’s strength to support its Nigerian operations contributing to technological advancement and improved efficiency.
