HomeNews$600 million in dividends for oil communities

$600 million in dividends for oil communities

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Communities in Nigeria’s restive Niger Delta will receive an estimated $600 million in annual dividends as part of efforts to improve security under reforms currently before parliament, the oil ministry said on Tuesday.

“Direct payments of dividends to oil-producing communities will be established to address the Niger Delta crisis and make communities key stakeholders, with incentives to protect oil and gas facilities in their areas,” Oil minister Deziani Allison-Madueke said in a speech delivered on her behalf.

“Over $600 million is estimated as annual dividend payments to be disbursed to the communities hosting oil-and-gas-producing facilities or directly impacted by the operations,” she said in the speech, delivered at an oil and gas conference in Abuja.

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