Shell Companies in Nigeria (SCiN) has invested substantially on local content development by awarding contracts to Nigerian companies valued at $1.98 billion in 2023.
This was revealed by Shell’s Business Value Manager, Chidi Nkazi, when the Vice President, Kashim Shettima, accompanied by other dignitaries visited the Shell booth at the 30th Nigeria Economic Summit.
According to Nkazi, 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).
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.”
Vice President Shettima, listened to Nkazi, who offered explanation explain on Shell companies in Nigeria’s contribution to the Nigerian economy, local content development and commitment to sustainable development.
Credit: Blueprint.ng
