The Nigerian Content Development and Monitoring Board has said Nigeria lost over $380bn before the Nigerian Oil and Gas Industry Content Development Act was enacted in 2010.
The Executive Secretary, NCDMB, Simbi Wabote, said this while speaking at a sensitisation workshop for the Rivers State judiciary in Port Harcourt on Thursday, with the theme, ‘‘Philosophy and imperative of the Nigerian Oil and Gas Industry Content Development Act’.
Wabote who spoke virtually, explained that local content was not about nationalisation of foreign firms, but about domiciliation and domestication for local value addition.
According to him, “Despite Nigeria’s enviable hydrocarbon and human resources, it is disheartening to note that only a small, insignificant proportion of the oil and gas industry value was retained in the country.
Source: https://punchng.com/380bn-lost-to-capital-flight-before-nogicd-act-wabote/