Shell Companies Pay $1.09bn In Taxes To FG

LAGOS – Shell Companies paid over $1.09 billion in corporate taxes and royalties to the Federal Government last year.

This included $442 million from Shell Petroleum Develop­ment Company (SPDC) and $649 million from Shell Nigeria Explo­ration and Production Company (SNEPCo).

Besides, 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,” Chidi Nka­zi, disclosed these to Nigeria’s Vice President when he visited the Shell booth alongside other dignitaries at the 30th Nigeria Economic Summit

“Our investments not only support government revenue, but also empower local economies and create employment opportu­nities”, Nkazi boasted

According to Nkazi,beyond economic contributions, Shell’s social investments have helped to improve the quality of life in communities.

In 2023, SNEPCo 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.”

Nkazi, noted that through col­laboration Shell Companies in Nigeria are powering Nigeria’s progress with significant contri­butions to the economy.

He 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.