Nigeria loses N159trn as IOCs divest

Is the spate of divestments in the oil and gas industry a healthy development for Nigerian economy? This has been the question on the lips of many Nigerians, as the country has suffered capital flight in excess of $10 billion or N159 trillion in the last four years as a result of divestments from the oil and gas industry by some international oil companies, IOCs.

While some argued that such divestments portend a bad omen for an industry undergoing reforms and in search of new investments, others maintained that it is in fact healthy for the economy as it would bring in new players and even more foreign investments.

Divestment is a normal business decision taken by companies to reduce some kind of assets for financial, ethical, or political objectives or sale of an existing business.

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About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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