A quantitative study released in Abuja on Friday by the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that Nigeria lost $16 billion to non-review of the 1993 production sharing contract over a 10-year period. The study, which was done in conjunction with Open Oil (a Berlin-based extractive sector transparency group) indicates that the losses could be up to $28b if, after the review, the Federation were allowed to share profit oil from two additional licenses.
Download the full report here: NEITI Policy Brief: 1993 PSCs – The steep cost of inaction
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