The Royal Dutch Shell, and Shell Companies in Nigeria reassert commitment to sustaining Nigeria’s local content and economic development.
Chidi Nkazi, Shell’s Business Value Manager, made the assertion while welcoming the Nigerian leadership alongside industry players at Shell’s booth during the just concluded 30th Nigeria Economic Summit in Abuja. He had also presented key achievements of Shell Companies in Nigeria (SCiN) to the visitors, underlining Shell’s role in fostering economic growth through tax contributions, job creation and support for local businesses.
Chidi noted that through collaboration Shell Companies in Nigeria have been in the forefront in empowering Nigeria’s progress, making significant contributions to the economy. Chidi 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 Nigerian leadership of Shell’s technical expertise and resources and how Shell has leveraged its strength to support its Nigerian operations contributing to technological advancement and improved efficiency.
Noting that in 2023 alone, Shell Companies paid over $1.09 billion in corporate taxes and royalties to the Federal Government, a vital contribution to national revenue. This included he said, $442 million from Shell Petroleum Development Company (SPDC), and $649 million from Shell Nigeria Exploration and Production Company (SNEPCo). Adding that Shell companies also 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,” said Nkazi. “Our investments not only support government revenue but also empower local economies and create employment opportunities.”
And beyond economic contributions, he said Shell has also made immeasurable social investments, geared toward helping to improve the quality of life in communities. Stating that in 2023, SCiN invested $42.2 million in various social programs, focusing on health, education, road safety, and entrepreneurship. Adding that Shell’s commitment to education has since the 1950s seen thousands of students through scholarships. Further adding that since inception, Shell has awarded more than 3,450 secondary school scholarships, 3,772 university grants, and 1,062 cradle-to-career scholarships.
“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.” Shell is co-sponsor of the Nigeria Economic Summit.