Shell Paid Over $1bn In Taxes, Royalties To Nigerian Govt In 2023- Report

Shell Nigeria has disclosed that it has paid a sum of $1.09 billion to the Nigerian government in corporate taxes and royalties for the year 2023.

These payments, as outlined in the 2023 Shell Briefing Notes, signify the ongoing commitment of the Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Limited (SNEPCo) to support the nation’s economy.

According to Abimbola Essien-Nelson, the Media Relations Manager at Shell, SPDC, and SNEPCo made payments of $442 million and $649 million, respectively. While these figures reflect a decrease compared to the previous year’s total of $1.36 billion, the contributions remain vital to Nigeria’s economic stability.

Osagie Okunbor, the Managing Director and Country Chair of Shell Companies in Nigeria, highlighted the importance of these payments: “These payments are Shell exclusive and do not include those made by our partners.” He reiterated Shell’s dedication to fostering economic growth and providing employment opportunities within Nigeria.

Despite challenges faced by the energy sector, Okunbor affirmed Shell’s long-term commitment to Nigeria. “Shell companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses,” he stated.

READ ALSO: How World Bank May Influence Nigeria’s Tax Reforms For $750m Loan

With over six decades of investment in Nigeria, Shell remains steadfast in its mission to drive progress and collaborate with stakeholders and communities. The company’s efforts extend beyond traditional oil and gas operations, encompassing initiatives to promote socio-economic development and deliver cleaner energy solutions.

“It is important to emphasize that Shell is not leaving Nigeria and will remain a major partner of the country’s energy sector through its deep-water and integrated gas businesses,” Okunbor affirmed. He underscored Shell’s commitment to prioritizing safety and the well-being of its employees while striving for operational excellence.

As Nigeria continues to navigate economic challenges, Shell’s contributions play a pivotal role in sustaining vital government services and supporting local communities. The company’s unwavering dedication underscores its position as a key stakeholder in Nigeria’s journey towards prosperity and sustainable development.