Vice President Kashim Shettima, accompanied by other dignitaries, visited the Shell booth at the 30th Nigeria Economic Summit, where he engaged with Chidi Nkazi, Shell’s Business Value Manager.
Nkazi outlined Shell Companies in Nigeria’s (SCiN) significant contributions to the Nigerian economy, local content development, and commitment to sustainable development.
During the presentation, Nkazi emphasized Shell’s role in fostering economic growth through tax contributions, job creation, and support for local businesses. He highlighted Shell’s collaboration with co-venture partners, which has enhanced efficiency and sustainability in operations by pooling resources, sharing knowledge, and mitigating risks.
Nkazi further detailed Shell’s technical expertise and how the company leverages its strengths to support its Nigerian operations, driving technological advancements and improved operational efficiency.
In 2023 alone, Shell Companies contributed over $1.09 billion to the Federal Government in corporate taxes and royalties, including $442 million from Shell Petroleum Development Company (SPDC) and $649 million from Shell Nigeria Exploration and Production Company (SNEPCo). Additionally, SCiN awarded contracts worth $1.98 billion to Nigeria-registered businesses, marking a 3% increase from the previous year.
“Shell is committed to contributing positively to the Nigerian economy and the communities in which we operate,” Nkazi said. “Our investments not only support government revenue but also empower local economies and create employment opportunities.”
Beyond its economic contributions, Shell’s social investments in 2023 amounted to $42.2 million, focusing on health, education, road safety, and entrepreneurship. Since the 1950s, Shell has supported thousands of Nigerian students through scholarships, with over 3,450 secondary school scholarships, 3,772 university grants, and 1,062 cradle-to-career scholarships awarded since 2016.
“The partnership between Shell and Nigeria reflects our dedication to sustainable development and community empowerment,” Nkazi added. “We will continue to explore innovative ways to support economic growth and improve the livelihoods of Nigerians.”
Shell is a co-sponsor of the Nigeria Economic Summit.
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