The Executive Secretary of the Nigerian Content Development and Monitoring Board, Simbi Wabote, says Nigeria lost over two million jobs and $380bn in capital flight over a period of 54 years before the enactment and signing of the Nigerian Oil and Gas Industry Content Development Act, 2010.
Wabote stated this in his address of welcome at the opening ceremony of a capacity building workshop for Bayelsa State Judiciary held at Content Towers in Yenagoa, on Wednesday, with the theme, ‘Philosophy and the Imperative of the NOGICD Act’.
He explained that prior to the signing of the law, the level of local content value extracted from the oil and gas industry was less than five per cent in addition to the billions of dollars lost in capital flight.
Delivering a keynote address titled, “The Role of Courts in Attaining the Objectives of the NOGICD Act 2010”, the state Chief Judge, Justice Kate Abiri, said that given the important place that the nation’s oil and gas industry occupied, there was a need to diligently enforce the provisions to achieve set objectives.
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