Shettima’s commendation focused on several key subsidiaries of Shell Companies in Nigeria, including Shell Nigeria Exploration and Production Company Ltd (SNEPCo), Shell Nigeria Gas (SNG), All On, and Daystar Power. These entities, he noted, have made substantial investments that have bolstered Nigeria’s energy infrastructure, created economic opportunities, and contributed to the nation’s fiscal stability. The Vice President’s remarks were informed by a comprehensive briefing on the activities of these companies, which have positioned themselves as critical players in Nigeria’s quest for energy security and economic diversification. Accompanied by prominent figures such as 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, Shettima’s presence at the summit underscored the government’s commitment to fostering partnerships with private sector players like Shell to achieve national development goals.
A key highlight of Shettima’s address was his acknowledgment of Shell’s deep-water investments, particularly the $5 billion Bonga North development project. This ambitious initiative, which reached its Final Investment Decision (FID) in early 2024, represents a significant milestone in Nigeria’s oil and gas sector. The Vice President expressed the government’s satisfaction with the progress of the project, noting that it is expected to enhance Nigeria’s oil production capacity, create jobs, and generate substantial revenue for the country. The Bonga North development is part of Shell’s broader portfolio of deep-water projects, which have positioned Nigeria as a key player in the global energy market. By leveraging advanced technology and expertise, Shell has demonstrated its commitment to unlocking Nigeria’s vast hydrocarbon resources while adhering to global standards of operational excellence and environmental stewardship.
In addition to its contributions to Nigeria’s energy sector, Shell’s social investment initiatives were also a focal point of Shettima’s remarks. Chidi Nkazi, Shell’s Business Value Manager, guided the Vice President and other dignitaries through an exhibition stand at the summit, showcasing the company’s extensive social impact programs. These initiatives, which span health, education, and employment generation, have had a transformative effect on communities across Nigeria. Nkazi emphasized that Shell’s operations are not solely focused on profit generation but are deeply rooted in creating shared value for the Nigerian people. By investing in critical sectors such as healthcare and education, Shell has empowered countless individuals and communities, providing them with the tools and opportunities needed to thrive in an increasingly competitive global economy.
One of the most striking points raised during the summit was the significant financial contributions of Shell Companies in Nigeria to the federal government. According to Nkazi, Shell’s operations generated $1.208 billion in taxes and royalties in 2024 alone. This substantial contribution underscores the company’s role as a key economic partner to the Nigerian government. The revenues generated from Shell’s activities are channeled into financing critical development projects, including infrastructure, healthcare, and education initiatives, which are essential for improving the quality of life for millions of Nigerians. The Vice President noted that these contributions align with the government’s efforts to diversify the economy and reduce dependence on oil revenues by fostering an enabling environment for private sector investment.
Shell’s exhibition at the NES, as described by Mrs. Afam-Anadu, complemented the company’s active participation in the summit’s discussions. The exhibition stand served as a visual representation of Shell’s multifaceted contributions to Nigeria’s economy, from its cutting-edge energy projects to its community-focused social investment programs. By showcasing its achievements, Shell demonstrated its long-standing commitment to Nigeria, a country where it has operated for over six decades. The company’s presence at the summit also provided an opportunity to engage with policymakers and stakeholders, fostering dialogue on how to address Nigeria’s economic challenges and capitalize on emerging opportunities in the energy sector.
The Vice President’s remarks also touched on the broader implications of Shell’s investments for Nigeria’s energy transition. As the world moves toward cleaner and more sustainable energy sources, Shell’s subsidiaries, such as All On and Daystar Power, are playing a pivotal role in advancing Nigeria’s renewable energy agenda. All On, for instance, focuses on increasing access to energy in underserved and off-grid communities through innovative solutions, while Daystar Power specializes in providing solar and hybrid energy solutions to businesses and industries. These initiatives align with Nigeria’s commitments under global climate agreements and demonstrate Shell’s forward-thinking approach to balancing energy security with environmental sustainability.
Furthermore, Shettima highlighted the government’s appreciation for Shell’s efforts to create employment opportunities for Nigerians. Through its various operations and social investment programs, Shell has generated thousands of direct and indirect jobs, empowering young people and fostering economic inclusion. The company’s focus on capacity building and skills development has also contributed to the growth of a skilled workforce capable of driving Nigeria’s industrial and economic ambitions. By investing in education and vocational training, Shell is helping to address the skills gap in Nigeria’s labor market, ensuring that the country’s youth are equipped to compete in a rapidly evolving global economy.
The presence of high-profile figures such as the Emir of Kano, Sanusi Lamido Sanusi, at the summit underscored the importance of public-private partnerships in achieving Nigeria’s development objectives. Sanusi, a respected economist and former Governor of the Central Bank of Nigeria, has long advocated for policies that promote economic diversification and sustainable growth. His attendance at the event, alongside key government officials, signaled a unified commitment to leveraging private sector expertise to address Nigeria’s economic challenges. The collaboration between Shell and the Nigerian government exemplifies the potential of such partnerships to drive meaningful change and deliver tangible benefits to the Nigerian people.
In conclusion, Vice President Kashim Shettima’s commendation of Shell Companies in Nigeria at the 31st Nigerian Economic Summit reflects the critical role that the private sector plays in advancing Nigeria’s economic agenda. Through its investments in the energy sector, social development programs, and contributions to government revenues, Shell has demonstrated its commitment to being a responsible corporate citizen and a partner in Nigeria’s progress. The $5 billion Bonga North project, the company’s substantial tax and royalty payments, and its focus on health, education, and employment generation highlight the multifaceted nature of its contributions. As Nigeria navigates the complexities of economic diversification and energy transition, Shell’s continued investment and innovation will be instrumental in shaping a brighter, more sustainable future for the country. The summit provided a valuable platform for showcasing these achievements and reinforcing the importance of collaboration between the government and private sector in achieving shared goals.
