Nigeria's Oil, Gas Industry Recorded U.S.$380 Billion Capital Flight in 30 Years

25 November 2014

The Oil Producers' Trade Section (OPTS), an association of all the leading oil and gas -producing companies in Nigeria has stated in the 30 years preceding Nigeria's adoption of a local content policy in 2005, the oil and gas industry had exported about two million jobs, spending over 95 per cent of total investments abroad, with cumulative capital flight estimated at $380 billion.

Speaking at a special session of the just-concluded 2014 Practical Nigerian Content held in Yenegoa, Bayelsa State, the Chairman of OPTS and Managing Director of Nigerian Agip Oil Company (NAOC), Mr. Ciro Antonio Pagano stated that the capital flight suffered by the Nigerian economy during the 30 -year period was over 70 per cent of the country's Gross Domestic Product (GDP) and more than the combined GDPs of five oil-producing countries of Libya, Ghana, Angola, Kenya and Ecuador.

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