court decision at a London tribunal confirme
The most recent court decision at a London tribunal confirmed that the Nigerian government owes P&ID almost webapex.net $9bn for the initial breach of contract, loss of income, additional costs, and interest accrued after five years of non-payment.
However, the Nigerian government has continued to flout international law and convention, and it refuses to respect the various court decisions.
Investors must consider this long-running scandal and weigh this obstinance against Nigeria’s mishandled economic potential.
Let us not forget that Nigeria is the only member of OPEC that is dependent upon petrol imports to keep the country g westernmagazine.org oing. Nigeria is ranked 145th in the world for its ease of doing business, which demonstrates the risks of investment into Nigeria.
Despite the President’s public anti-corruption platform, Transparency International has not seen any reduction in corruption since Buhari took office. In fact, the precise opposite has happened ysin.org , with Nigeria falling 12 places between the 2016 and 2017 rankings.
President Buhari currently faces serious allegations, which include staging show trials of opponents of a regime that is accused of corruption and graft, while simultaneously shielding his own party members and inner circle.
We should all welcome international efforts to attract international investment into developing economies. However, to do this successfully Nigeria must seriously tackle corruption, rather than use it as a smokescreen. It must honour its obligations to companies like P&ID. Until then, investors inevitably will be very wary of investing in Nigeria.