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ARTICLE · 07 AUGUST 2024

The Case For Development Oil In Nigeria

Nigeria's current oil and gas governance framework, primarily implemented through Joint Ventures (JVs) and Production Sharing Contracts (PSCs) with International Oil Companies (IOCs)...

NigeriaEnergy and Natural Resources

Nigeria's current oil and gas governance framework, primarily implemented through Joint Ventures (JVs) and Production Sharing Contracts (PSCs) with International Oil Companies (IOCs), is fundamentally flawed and detrimental to Nigeria's sovereignty and economic interests. This system allows IOCs to extract Nigeria's natural resources in exchange for profit sharing and bonuses, effectively giving them undue control and ownership over resources that rightfully belong to the Nigerian people.

The Current System: A Violation of Sovereignty

The present arrangement can be likened to two deeply problematic scenarios:

  1. Hiring someone to drill a well, only for them to claim ownership of the well itself.

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