Chevron spends N25.1bn on social investment projects | Dailytrust

Chevron spends N25.1bn on social investment projects

Chevron Nigeria Limited has, since 2005, spent over N25.1bn through its Global Memorandum of Understanding (GMoU) on various social investment projects that foster sustainable community development across the country.

Out of the amount, N2.1bn was spent in 2021 alone.

Adopted in 2005, the GMoU is a partnership model used by Chevron in engaging communities neighbouring its operations until the signing of the Petroleum Industry Act (PIA) late in 2021.

The model, it noted, “has elicited global acknowledgement for facilitating rapid and sustainable socio-economic development in communities where the company operates.”

This was contained in its Corporate Responsibility Report released yesterday.

According to the report, the oil firm also in 2021 spent N266m on Offshore Memorandum of Understanding (OMoU) projects which addressed social investments and opportunities in the communities in the shallow offshore areas of CNL’s operations.

Like the GMoU, the OMoU was administered in collaboration with Coastal Communities Development Committees (CCDCs), representing community clusters around CNL’s offshore operations which serve as the primary interface between the communities and CNL, partners, state governments and critical stakeholders.

The report said, “The primary purpose of the OMoU is to assist in ensuring sustainable development in the communities around CNL’s offshore operations.”

In the area of education, the report disclosed that 16,500 scholarships have been awarded since 2009 while 39 laboratories were built across the country.


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