President Muhammadu Buhari on Wednesday disclosed that the Shell Group is planning to invest about $15bn in Nigeria. The president revealed this while speaking during the just concluded 2018 Commonwealth Business Forum.
According to him, representatives from Shell Group met him in Abuja prior to his trip to the United Kingdom for the economic summit.
Meanwhile, the President earlier in his speech called on Commonwealth countries to “avoid trade wars and work collectively to preserve the global trading order”. He also stressed the need for regional initiatives and national structural policies that will focus on solving the specific problems of the member countries.
Before I came here (Commonwealth Business Forum), the Shell group came and saw me; they are preparing to invest $15bn in Nigeria. They came and broke the news to me
President Muhammadu Buhari also used the occasion to advertise the economic opportunities that currently abound in Nigeria, while calling on prospective investors to partake in the 2018 UK/Nigeria Trade and Investment Forum.
The Shell Group has a well-established presence in Nigeria which has spanned many decades. It’s subsidiary, Shell-BP Petroleum Development Company of Nigeria Limited, was established in 1936. As we reported, the company’s Report on Payments to Governments for the Year 2017 revealed that the Nigeria;s government received ₦1.5 trillion as taxes and other payments.
It is yet to be disclosed how all these money will be invested.