Nigeria leads in Shell's 2023 government payments after receiving US$4, 92 billion

IN 2023, Nigeria received the highest payments from Shell in the form of production entitlements, royalties, taxes, and fees to the government, amounting to US$4, 92 billion, the highest figure recorded in four years.

In 2023, Shell's made a total payment of US$29, 51 billion to governments across 27 countries.

After Nigeria, Oman and Norway were the second and third highest recipients, receiving payments of US$4, 09 billion and US$3, 81 billion, respectively.

The payout to Nigeria increased by US$8,85 per cent compared to the previous year, representing 16.67 per cent of the company’s total payments to 26 countries, new data released by Shell shows.

In 2022, Nigeria further dropped to become the thirdbiggest recipient of payments from the British oil giant, although the amount paid to it rose by 0.92 per cent to US$4, 52 billion.

THE African Trade Insurance Agency (ATIDI) has given insurance cover to support the $7,7million Songa Energy’s 1,65 MW run-of-the-river hydro project on the Ruvyironza River in Burundi.

This will be the 2nd renewable energy IPP to connect to the national grid in Burundi, with the first being a 7,5 MW solar project that was also supported by ATIDI.

The project began construction shortly after a groundbreaking ceremony in May 2023 and is expected to reach commercial operations by the end of 2024.

The power from the project will be delivered to the national grid via a new 2,4km transmission line that will be constructed as part of the project.

“We have been in close contact with Virunga Power over the last few years as they have advanced their portfolio projects.—Kenyan Wall Street

MINISTER of Economy and Finance and African Development Bank Governor Ernesto Max Elias Tonela and Solomon Quaynor, the Bank’s Vice President for Private Sector, Infrastructure and Industrialisation.

The African Development Bank and Mozambique reinforced their partnership during a visit by Solomon Quaynor, the Bank’s Vice President for Private Sector, Infrastructure and Industrialisation.

This visit, held from March 12th to 15th, 2024, underscores the Bank’s commitment to supporting Mozambique’s economic growth trajectory, particularly following the third review of the country’s Extended Credit Facility with the International Monetary Fund and the Bank’s recent Economic Acceleration Package and Budget Support Mission.