Shell’s yearly payment to Nigerian govt hits six-year low
’Femi Asu
Published 12:12 am
The payment made to the Federal Government by Shell companies in Nigeria plunged by 42.45 per cent in 2020 to the lowest in six years.
Royal Dutch Shell said on Wednesday that its subsidiaries in Nigeria paid $3.24bn to the Nigerian government and its agencies last year, compared to $5.63bn in 2019 and $6.39bn in 2018.
The oil giant’s payment to the Nigerian government was $4.32bn in 2017, compared to $3.64bn in 2016, $4.95bn in 2015 and $3.02bn in 2014.
Shell, in its ‘Report on Payments to Governments Report for the Year 2020’, said payments made to governments arose from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials.
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Africa’s tourism sectors among slowest to recover – Report The Punch
The tourism sectors in Africa will be among the slowest to recover from the coronavirus crisis, inflicting further economic pain in economies most dependent on the industry.
Capital Economics, a London-based economic research company, noted in a new report that tourism sectors in the region, like elsewhere in the world, had been hit particularly hard by the coronavirus crisis.
“Even as Sub-Saharan Africa gradually opens its doors to visitors, tourism sectors in the region face serious hurdles and we think that African economies dependent on the industry may be one of the slowest to recover from the coronavirus crisis,” its Africa Economist, Virag Forizs, said.