…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
WED OCT 16 2024-theGBJournal| Vice President Kashim Shettima accompanied by other dignitaries visited the Shell booth at the 30th Nigeria Economic Summit, where he listened to Chidi Nkazi, Shell’s Business Value Manager explain Shell companies in Nigeria’s contribution to the Nigerian economy, local content development and commitment to sustainable development.
Chidi presented key achievements of Shell Companies in Nigeria (SCiN) to the Vice President, 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 are powering Nigeria’s progress with 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 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.
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 $442 million from Shell Petroleum Development Company (SPDC) and $649 million from Shell Nigeria Exploration and Production Company (SNEPCo). Additionally, 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,” said Nkazi. “Our investments not only support government revenue but also empower local economies and create employment opportunities.”
Beyond economic contributions, Shell’s social investments have helped to improve the quality of life in communities. In 2023, SCiN 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.” Shell is co-sponsor of the Nigeria Economic Summit.
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