Shell Companies in Nigeria made substantial financial contributions to the Federal Government last year, paying over $1.09 billion in corporate taxes and royalties.
This was revealed by Chidi Nkazi, a representative of Shell in Nigeria.
He said Shell Petroleum Development Company (SPDC) contributed $442 million, while Shell Nigeria Exploration and Production Company (SNEPCo) paid $649 million.
According to him, the payments were made in compliance with the regulatory requirements and reflect Shell’s commitment to Nigeria’s economic development.
He stated that beyond taxes and royalties, Shell awarded contracts worth $1.98 billion to Nigerian-registered businesses in 2023, an increase of 3% from the previous year.
He noted that the move is aimed at empowering local businesses and strengthening Nigeria’s economy.
“Our investments not only support government revenue but also empower local economies and create employment opportunities,” he said.
In addition to economic contributions, Nkazi said Shell made notable social investments.
His words: “SNEPCo invested $42.2 million in social programs focusing on health, education, road safety, and entrepreneurship.
“Since the 1950s, Shell’s commitment to education has resulted in thousands of scholarships awarded to Nigerian students.
“Between 2016 and 2023 alone, more than 3,450 secondary school scholarships, 3,772 university grants, and 1,062 cradle-to-career scholarships were given to students across Nigeria.”
Nkazi also highlighted Shell’s technical expertise, stating that the company continues to leverage its strength to enhance its Nigerian operations.
“Shell remains committed to seeking innovative ways to support economic growth, technological advancement, and improving the livelihoods of Nigerians,” he stated.
During a presentation at the 30th Nigeria Economic Summit, Nkazi reiterated Shell’s long-term partnership with Nigeria, noting that Shell’s operations not only contribute to the nation’s economy but also foster knowledge sharing, resource pooling, and risk mitigation.
“This approach leads to more efficient and sustainable operations, benefiting both the company and the country,” he concluded.
In a related development, Google has announced that it injected approximately $1.8 billion into Nigeria’s economy in 2023, due to economic activities generated by its diverse products and services, including Search, Play, Android, YouTube, Cloud, and Ads.
At the unveiling of a report titled The Digital Opportunity of Nigeria took place at its office in Ikoyi, Lagos, Google noted the significant economic impact that digital technologies can have on the nation if harnessed effectively.
Conducted by the global policy and strategy consultancy Public First, the report demonstrates that Google’s contributions are equivalent to supporting over 200,000 jobs annually.
