Introduction

Nigeria’s economy has an intrinsic tie with oil and gas revenues. The country continues to rely significantly on the foreign earnings derived from the sale of oil and gas produced from its reserves to fund its budgets, service its debt obligations, bolster the value of its national currency (the “Naira”), and generally develop its economy. An important element of this revenue drive has been the involvement of international oil companies (IOCs) who invested significantly in Nigeria’s oil and gas value chain to bring about the oil products that eventually generate the bulk of Nigeria’s foreign earnings.

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