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Nigeria loses $100bn to non-investment in oil

26 April 2013, 11:09

Abuja-  Investigations have revealed that Nigeria’s failure to invest in the upstream sector of the petroleum industry has caused her to lose $100billion between 2008 and 2012, Businessday reports.

Similarly, the country’s crude oil production target for the end of 2012, was given as 2.5 million barrels per day, but  she could only reaslise about 2.1 million barrels per day.

Experts say those lost revenues could have been invested in infrastructural development which would have had a spin-off effect on the economy.

More on Businessday


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