We contributed $29bn to Nigerian purse in five years, says Shell


Shell Petroleum Development Company of Nigeria Ltd (SPDC) operated Joint Venture on Tuesday said it contributed over $29 billion (10.44 trillion) to the Nigerian purse between 2012 and 2016.

Osagie Okunbor, the Country Chair of Shell Companies in Nigeria, disclosed this in Lagos during the official lunch of Shell in Nigeria Briefing Notes 2017.

Okunbor said that Shell remained strongly committed to the development of Nigeria.

He said that in 2016, royalties and corporate taxes paid by Shell companies in Nigeria to the Federal Government purse stood at 1.4 billion dollars (N504 billion).

“SPDC contributed $1.0 billion (N360 billion) while Shell Nigeria Exploration and Production Company (SNEPCo) contributed $0.4 billion (N144 billion) to government revenue.

“This is besides the energy which Shell companies contributed to the Nigerian economy with Shell-operated ventures in Nigeria recording an output of some 572,000 barrels of oil equivalent per day in 2016,’’ he said.

Okunbor said that Shell Contractor Funding initiative was expanded with eight participating banks committing about 2.2 billion dollars (N792 billion) to fund contract executed by Nigerian companies working for Shell companies in Nigeria.

He said that since the programme’s creation in 2011, loans worth approximately one billion dollars (N360 billion) had been awarded to 220 small and medium-scale Nigerian enterprises with no recorded defaults on repayment.

Okunbor said that the determination of Shell to support the monetisation of the nation’s huge gas resources led it to establish Shell Nigeria Gas in 1998.

He said that Shell was now supplying gas to about 90 industrial customers in Ogun, Rivers and Abia states.

“The gas is used for power generation and processing by industries for the manufacture of domestic products ranging from household consumables to household utensils and hardware.

“Shell companies in Nigeria paid special attention to the welfare of host communities, making Nigeria the second largest recipient of social investment spending in the Shell Group after the United States.

“Areas of focus include community and enterprise development, education, health, access-to-energy and since 2016, road safety.

“This is in addition to community-driven development programmes and initiatives delivered through the Global Memorandum of Understanding (GMoU) which target themes is determined by benefiting communities,’’ he said


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.