OIL SECTOR CONTRACTING, LICENSING PROCESSES FRAUGHT WITH CORRUPTION

The process for the award of contracts and licenses for oil and gas prospecting in Nigeria is tainted by corruption and collusion, according to a report, the 2014 Nigeria Natural Resource Charter (NNRC) Benchmarking Report.

The process, the report disclosed, is ruined with a high degree of uncertainty and political influence, a factor that has hampered the growth of the sector and the economy in general.

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