Shell companies in Nigeria paid a total of $1.208 billion as taxes and royalties to the federal government in 2024.
Business Value Manager of Shell, Chidi Nkazi disclosed this while conducting Vice President, Kashim Shettima, round Shell’s exhibition at the opening of the 31st Nigerian Economic Summit (NES) in Abuja.
A statement by Mrs. Gladys Afam-Anadu, Shell’s Communications Manager, on Tuesday, said Nkazi highlighted the impact of Shell’s social investments in health, education, and employment generation.
“Every year, our operations generate revenues that are used to finance development.
“In 2024 alone, Shell companies in Nigeria paid $1.208 billion in taxes and royalties to the federal government,” Nkazi said.
Read also:
- Nigeria’s economic reforms yet to ease hardship as inflation, taxes crush businesses – NECA
- New Tax Law: Why Nigeria should brace for reform, adjust operational spending
- How to Access House Rent Tax Relief from January 1st in Nigeria
According to the statement, Shettima, who had earlier declared the summit open on behalf of President Bola Tinubu, was briefed on the contributions of the companies to the economic development of Nigeria, especially the energy sector.
Shettima was accompanied by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Minister of Trade and Investment, Jumoke Oduwole, and the Emir of Kano, Sanusi Lamido Sanusi.
He said he was impressed with the investments of Shell in deep-water, including the $5-billion Bonga North development.
Work on the project is in progress following the FID, which was taken in early 2024.
