The Federal Government has given explanation why big companies are leaving Nigeria.
According to the minister of state for petroleum resources, Heineken Lokpobiri, the reason is because of what he described as middlemanism.
The minister made this known during the opening of the Petroleum Technology Association of Nigeria’s Sub-Saharan Africa International Petroleum Conference.
Heineken Lokpobiri disclosed that a lot of intermediaries who entered the oil industry caused its damage.
According to the minister, due to middlemen and intermediaries, some big and multinational oil service giant such as Schlumberger, Halliburton, McDermott, and others left Nigeria.
“We have made mistakes. And I’m saying this specifically so that all African countries here today will not make the mistake that Nigeria made. When I became minister, one of the issues I was confronted with had to do with the multinational service companies all exiting Nigeria. They’ve all gone, except, maybe this Italian company, Saipem. That was the only one that was around. So we had a situation where there was a monopoly.
“The other big boys—the Schlumberger, Halliburton, the McDermotts—all of them have gone. All of you here in PETAN have your good days in these companies. That was where you started from. That was where you actually developed your capacity,” Lokpobiri said.
