The local content policy is adding more values to the lives of Nigerians as many more indigenous contractors have been able to secure loans worth N472billion under the Shell Contractor Support fund.
The fund was set up by Shell companies in Nigeria to help vendors and suppliers in the oil and gas industry secure funds at reduced rates, relaxed collateral requirements and quicker processing time
Through such funds contractors have been able to grow capacities, execute projects and employed many Nigerians that would have been otherwise idle. All Shell companies awarded contracts worth over 230 billion to Nigerians contractor in 2017,this represents 94 per cent of the total contract that year.
Osagie Okunbor, country chair Shell Companies in Nigeria and managing director of The Shell Petroleum Development of Nigeria limited, while launching the 2018 Shell Nigeria Briefing Notes in Lagos. “ As pioneer in the industry we have taken deliberate steps to award contracts to Nigerians vendor and worked with them to grow capacity, cost efficiency and delivery timelines. We discovered however, that access to finance has been a challenge, and the search for solution led to the Shell Contractor Support Fund”
Nigerian ownership of key assets such as rigs, and Marine vessels is also focus , with Shell companies providing technical and financial support to companies across a range of sectors including transportation, manufacturing and research development.
On social investment, the SPDC managing director said Shell companies had continued to work with government, communities and civil society to fund and implement projects and programmes that have lasting impact on the people’s live in the Niger Delta and Nigeria as a whole. He said the company has disbursed more than N14 billion to 37 active Global
Memorandum of Understanding GMOU) clusters in Rivers , DELTA Bayelsa and Abia states.
Social investment activities of Shell companies focus on communities and enterprise development, education , access to energy and since 2016 road safety.
Olusola Bello
