Nigeria lost about $380 billion dollars in 50 years in capital flight due to the absence of regulation on local content development in the oil and gas industry, Daily Trust reports.
The Executive Secretary to the Nigerian Content Development and Monitoring Board, Engr. Simbi Kesiye Wabote, who disclosed this information at an oil and gas forum held in Accra said prior to the introduction of local content, value retention in oil and gas activity in the country was just five percent.
Wabote said local content development in Nigeria has brought about the domiciliation and domestication of value addition in the oil sector, culminating in 26 percent in-country value retention compared to the five percent prior to the enactment of the Local Content Act in 2010.
Highlighting the benefits that have accrued to the country since the Act came into being; he said there have been increased value additions in-country and greater involvement by indigenous companies in activities in the oil and gas industry.