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Since the 1960s till date, the Nigerian Oil and Gas Industry have continued to play a key role in the country’s economic growth and development. The sector generates about 95 percent of total export revenue and 80 percent of her total national income. In addition, it expends about $8 billion annually in servicing its operations. Sadly, a significant proportion of this amount is paid to foreign contractors for services like fabrication and engineering procurement; resulting into capital flight and leaving very little to developing the country’s industrial base.
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