Human rights activist and senior lawyer, Dr. Olisa Agbakoba, SAN, yesterday, said Nigeria’s public debt rose to $91.46 billion , despite its ability to generate $1 trillion in 40 years.
In his presentation, titled ”The Paradox of Nigeria’s Oil and Gas Industry: A Policy Paper”, at an engagement with the media in Lagos, Agbakoba, said: “Over the past 40 years, the cumulative revenue from oil and gas has exceeded $1 trillion, an amount that should have been sufficient to transform the nation’s economy and infrastructure.
“Over $1 billion worth of legal work is lost to foreign firms annually due to a perception of superior expertise and international experience. “The oil field services sector, which includes activities such as seismic surveys, well completion, and production optimization, is dominated by international companies, limiting opportunities for Nigerian businesses.
“Incorporation of foreign agreements often excludes Nigerian laws and designates adjudication forums outside Nigeria, contradicting local content policies. “The current structure heavily favors IOCs, resulting in a significant portion of revenues leaving the country.
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