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Nigeria earned $800 billion oil revenue in 50 years

Tuesday, 21 February 2012 | 00:00
Nigeria earned $800 billion as revenue from oil in the last 50 years, Funso Kupolokun , the former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), disclosed at the 10 year anniversary of Bell Oil and Gas Limited in Lagos during the weekend.
According to the former NNPC's MD, the huge revenue from the nation's sale of oil has not added much value to the lives of Nigerians.
Kupolokun attributed the situation to foreign companies dominance of Nigeria oil sector; adding that with the passage of the local content bill into law Nigerians will begin to enjoy the huge benefits from oil. He urged banks to assist indigenous companies with needed funds to enable them take charge of the industry.
He said the success story of the Bell Oil and Gas Limited is the beauty of the local content law as well as the resilience and determination of its founders to take the country to greater height.
Source: Daily Times
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