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The Executive Secretary, Nigerian Content Development and Monitoring Board, Simbi Wabote, has claimed that Nigeria lost over $380 billion to capital flight before the Nigerian Oil and Gas Industry Content Development Act was enacted in 2010 and assented to it. He spoke at a sensitisation workshop for the Rivers State judiciary in Port Harcourt on Thursday. The theme of the workshop was, ‘‘Philosophy and the Imperative of the Nigerian Oil and Gas Industry Content Development Act.’ Wabote said: “Despite Nigeria’s enviable hydrocarbon and human resources, it is disheartening to note that only a small, insignificant proportion of the oil and gas industry value was retained in the country.

“Prior to the enactment of the Nigerian Oil and Gas Industry Content Development Act of 2010, almost all value-adding activities were done overseas, and this resulted in significant capital flight, which was estimated to be at about $380 billion over a 50-year period. “This resulted in over two million job losses, as most jobs were also executed by foreigners. Furthermore, less than five per cent of Nigeria’s yearly oil and gas industry spending was retained in the country.”

He added: “It is important to note that local content is not about nationalisation; it is about domiciliation and domestication for local value addition. “It needs foreigners and foreign direct investments to thrive. Local content is not a corporate social responsibility, it is a business. Local content is a marathon, not a sprint; and local content is not at all cost. “Local content has no ’one-size-fits-all approach or solution; local peculiarities are key considerations in implementation; what that means is that local content needs in Nigeria may not be the same in other countries like Qatar, local content obtainable in Nigeria or Qatar depends on the peculiarity of the country.