Share & more
Oil giant Royal/Dutch Shell and the International Finance Corporation (IFC) have proposed a US $30-million loan fund aimed at improving job opportunities in Nigeria’s impoverished and volatile Niger Delta oil region.
In a statement on Thursday, Shell Nigeria’s external relations manager, Precious Omuku, said the oil transnational and IFC would pay for the facility, managed by a Nigerian bank that is to provide one-third of the funding. The main beneficiaries will be contracting firms to Shell owned by indigenes of the Niger Delta or employing people from the area.
“The facility, which will primarily be for the provision of capital financing to small and medium-sized indigenous contractors, was approved by the Board of Directors of IFC on June 19, 2001,” Omuku said.
It quoted Shell’s finance director, Guy Cowan, as saying that the company’s participation in the project was “in line with our continuing efforts to encourage indigenous contractors not only for their growth but to enhance their contribution to the development of the Niger Delta”.
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