Nigeria Lost $21bn Of Investment Over Low Oil Prices – Chevron MD

Managing Director, Chevron Nigeria Limited, Clay Neff has disclosed that Nigeria had lost about $21 billion investment as a result of the dwindling oil prices, lack of investor confidence and corrupt practices in government in the country .

Neff, said Nigeria had the opportunity to improve its competitive position in the global oil and gas industry.
Neff advised that Nigeria under this current state of reorganization by the Buhari’s administration to restore investor confidence by providing competition in the oil market locally.

The Chevron boss said the country should ensure security of lives and properties and control stability.
For Neff, it is important for Nigeria to solve joint venture funding challenges and payback arrears, adding that Nigeria had an attractive resource base.

The Chevron MD was speaking at the 13th Aret Adams Annual Lecture Series, held in Lagos.