Search
  1. Home
  2. West Africa
  3. Nigeria

Shell plans to invest US $8.5 billion

    KINSHASA

    The multi-national Royal Dutch/Shell has proposed an investment of US $8.5 billion to revitalise the oil industry in Nigeria, news agencies reported today. The five-year scheme integrates numerous oil and gas projects already planned by Shell and its partners to link new offshore fields. Shell Nigeria Managing Director Ron van den Berg told the ‘Financial Times’ in London that 70 percent of the new investment would come from oil firms and the rest from the state.

    The move is seen as a welcome vote of confidence in Nigeria’s current regime and its predicted return to civilian rule in May, Reuters said. Nigeria is in need of foreign finance to ease the deficit caused by the oil price slump.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

    Share this article

    Our ability to deliver compelling, field-based reporting on humanitarian crises rests on a few key principles: deep expertise, an unwavering commitment to amplifying affected voices, and a belief in the power of independent journalism to drive real change.

    We need your help to sustain and expand our work. Your donation will support our unique approach to journalism, helping fund everything from field-based investigations to the innovative storytelling that ensures marginalised voices are heard.

    Please consider joining our membership programme. Together, we can continue to make a meaningful impact on how the world responds to crises.

    Become a member of The New Humanitarian

    Support our journalism and become more involved in our community. Help us deliver informative, accessible, independent journalism that you can trust and provides accountability to the millions of people affected by crises worldwide.

    Join