Extractive industry: Nigeria annually loses N4.4trn from absence of laws, policies, claims CSO

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The Civil Society Legislative Advocacy Centre says Nigeria loses over four trillion Naira annually in the extractive industry due to lack of laws and policies.

CISLAC Director of Legal, Mr Adesina Oke, disclosed this at a stakeholders’ meeting on Sunday in Lagos.Oke added that Africa also loses over 50 billion dollars every year due to illicit financial flows.

Oke explained that out of the 15.2 billion dollars losses, the oil-dominated extractive industry alone represented 95.2 per cent of the figure, amounting to 14.5 billion dollars . “We had this dialogue to prepare us for the 9th Assembly so that we can immediately take off in ensuring that those bills are pushed and passed.

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They are not ready to add meat to the pot. Their major concern is to take meat from the pot. How many years will it take them pass PIB into a law?

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