Osagie Okunbor, Country Chair, Shell Companies In Nigeria (SCiN), says 100 per cent of its contracts worth $800 million were awarded to Nigerian companies in 2020.

“In 2020, 100 per cent of SCiN contracts, worth $800 million, were awarded to Nigerian companies,” Mr Okunbor said during a conference with the theme, ‘Petroleum Industry Act: Energy Transition and the Future of Nigeria’s Oil and Gas’.

Speaking at the Association of Energy Correspondents of Nigeria (NAEC) 2021 Strategic International Conference on Tuesday in Lagos, he said loans were also given to Nigerian vendors and had helped to improve their tendering opportunities.

“SCiN has also provided access to nearly $1.5 billion in loans to 764 Nigerian vendors under the Shell Contractor Support Fund since 2012,” he said.

Mr Okunbor, represented by Ed Ubong, Managing Director, Shell Nigeria Gas, said there was a need to build capacity for local industries to participate in the supply chain.

“We need to reduce the industry’s reliance on imports and create new markets in-country.

“At Shell, we recognise that local content is key to surviving a post-COVID 19 pandemic world and Shell will continue to invest in this space,” the country chair said.

He said Shell, through joint venture partnership with the government and communities, was investing in a gas portfolio that would increase supply for Nigerian and international customers via an expanding network of plants, pipelines and export terminals.

“We remain committed to building capacity and competence in the country to enable more Nigerians to participate directly and indirectly in the gas value chain and pump more money into the local economy by supporting Nigerian companies,” Mr Okunbor said.

He said harnessing Nigeria’s vast gas resources was key to developing the country.

“Natural gas gives us the ability to lift millions of people out of energy poverty, giving them the power to improve their physical health, wellbeing and standard of living. It also gives us a pathway to economic growth and development.

“This is not only through direct exploration and trading of gas resources but by providing reliable power supply for the manufacturing and industrial sectors which are the major growth engines for developing economies,” Mr Okunbor said.

(NAN)