Economy

Chevron invests $1.45bn in Nigerian content development – Report

Chevron invests $1.45bn in Nigerian content development – Report
Written by Maritime First

…Invests N4.3bn to boost agriculture in 2019 – Report***

Chevron Nigeria Limited (CNL) says it invested $1.45 billion in Nigerian Content Development (NCD) in 2019, even as N4.3 billion was invested through its Partnership Initiatives in the Niger Delta (PIND), to boost agriculture in the oil-rich region in 2019.

The oil major made the disclosure in its 2019 Corporate Responsibility Report, which was obtained by newsmen in Lagos on Tuesday.

The report said to demonstrate its commitment to NCD, Chevron Nigeria’s local content policy had been updated, such that it gave contracting preference to competent Nigerian companies.

The document added that the policy also promoted technology transfer.

It said: ”Our investment in Nigerian content in 2019 was approximately $1.45 billion.

“Of this amount, expenditure on materials and services obtained from local community contractors was approximately $358 million.”

The report listed projects executed by Chevron Nigeria and its indigenous partners to include Escravos Export System Project and Okan Gas Gathering Compression Platform (GCCP) Debottlenecking project.

It said other projects executed were the Meji GCCP Debottlenecking project and Consolidated Maintenance Workshop project.

According to the report, 184 Nigerians benefited from quality training valued at over $5 million in technical and professional skills in 2019.

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It said the company, with the support of the Nigerian Content Development Monitoring Board (NCDMB), also trained over 200 community contractors to build local capacity and strengthen indigenous participation in the oil and gas industry.

Commenting on the report, Mr Jeffrey Ewing, Managing Director, Chevron Nigeria, said the company was focused on operational excellence and helping its host communities prosper.

“We are committed to continually improving the quality of life of the people of Nigeria through our social investments and community engagement activities, ” Ewing said.

In the meantime, the Chevron Nigeria Limited says it invested N4.3 billion through its Partnership Initiatives in the Niger Delta (PIND) to boost agriculture in the oil-rich region in 2019. Sadly, the zone has

The oil company disclosed this in its 2019 Corporate Responsibility Report obtained by newsmen in Lagos.

According to the report, the socio-economic and peaceful coexistence of communities in the region are key to Chevron’s success in Niger Delta.

“In 2019, PIND leveraged N4.3 billion in new investments into the agriculture, cassava, cocoa, palm oil, poultry and clean energy sectors, and other agro-allied small businesses from both the government and private sector.

“These investments helped to grow businesses and boost productivity and net income for 33, 892 smallholder farmers and small enterprises.

“They experienced an additional income of N13.4 billion and created 8, 582 new jobs in the sectors, thereby reducing poverty,” it said.

The report said that PIND facilitated practical demonstrations of best agronomic and business practices and efficient technology solutions to 59, 818 farmers and enterprises during the period.

This, it added, enabled them to access finance and varieties of high yielding feed and seed during the year.

The report said 9, 358 fish farmers and processors were also trained on best pond management practices and given financial assistance to increase their production.

“PIND worked with lead sector, firms and agro-dealers to provide training for cassava farmers on improved practices and business skills.

“Cumulatively, three input companies and 35 agro-dealers reached 19, 886 cassava farmers through various outreach initiatives.

“Average yield per hectare increased to 17.4 tonnes from an average of eight tonnes.

“The additional yield contributed to an increased income of N2.7 billion for 20, 807 cassava farmers and created 795 new jobs in the region’s sector, ” the report said.

 

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