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Shell Nigeria pays $1.09bn in taxes and royalties to Nigerian government

Oil giant Shell reveals exclusive payments totaling $1.09bn to the Nigerian government in corporate taxes and royalties for 2023, emphasizing its ongoing commitment to the country's economic growth.

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Shell Nigeria has disclosed that it made significant payments amounting to $1.09bn in corporate taxes and royalties to the Nigerian government in 2023. The payments were exclusively attributed to the operations of the Shell Petroleum Development Company of Nigeria Limited and Shell Nigeria Exploration and Production Company of Nigeria Limited.

According to the just-published 2023 Shell Briefing Notes, the Shell Petroleum Development Company (SPDC) contributed $442m, while the Shell Nigeria Exploration and Production Company (SNEPCo) remitted $649m. These figures represent a decrease from the $1.36bn paid by the two companies in 2022.

Osagie Okunbor, Managing Director and Country Chair of Shell Companies in Nigeria, emphasized that these payments are solely from Shell and do not include contributions from their partners. He reaffirmed Shell’s commitment to Nigeria’s economic growth, highlighting the company’s longstanding presence in the country and its role in creating employment opportunities and supporting local businesses.

Shell’s investments in Nigeria, spanning over 60 years, have been pivotal in driving socio-economic development and providing cleaner energy solutions. The 2023 Briefing Notes showcase the company’s ongoing efforts to collaborate with stakeholders and communities for mutual progress.

Despite economic challenges and industry transitions, Okunbor underscored Shell’s enduring partnership with Nigeria’s energy sector. He emphasized the company’s focus on safe operations and employee welfare, reassuring stakeholders of Shell’s sustained presence and commitment to Nigeria’s energy landscape.

As Shell continues its operations in Nigeria, its contributions to tax revenue and community development remain integral to the country’s growth trajectory. The company’s transparency in disclosing financial data reflects its commitment to accountability and responsible business practices in the Nigerian oil and gas sector.

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