How Nigeria's Bid To Boost Oil Royalties Could Backfire

Oct 31, 2019 | 18:33 GMT

After years of efforts, Nigeria's National Assembly has finally passed a bill to overhaul Abuja's relationship with the globe's major oil companies. On Oct. 29, the parliament passed a motion to amend the Deep Offshore and Inland Basin Production Sharing Contract Act of 1999 with the aim of earning Nigeria a bigger share of the country's abundant natural resources. The draft is now headed for President Muhammadu Buhari, who is expected to sign the bill into law. But just as Abuja hopes the new bill will get it a better bang for its buck from such riches, the opposite may occur. ...

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