Nigeria earned $800bn from oil in 50 years – Kupolokun

20 February 2012, Sweetcrude, LAGOS — Nigeria earned over $800 billion in revenue from oil in the last 50 years with little to show for it, former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engineer Funso Kupolokun, has said.

He made this known at the 10-year anniversary of Bell Oil and Gas Limited in Lagos at the weekend, tracing the inability of the nation to derive maximum benefit from the God-given resource to the domination of its oil sector by foreign players.

But, he was hopeful that with the coming of the local content law Nigeria and Nigerians will begin to reap the full benefits accruing from the oil and gas business.

Urging local financial institutions to support indigenous companies with needed funds to enable them take charge of the industry, he said Nigerian companies were capable of doing that.

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