Nigeria's oil-for-infrastructure deals 'have failed'

11 August 2009

In Nigeria, the oil-for-infrastructure deals failed due to the management of the Obasanjo government, a report has claimed.

The review - A Thirst for African Oil - was published today (August 10th) by Chatham House and examined how partners had been sought in China, India and South Korea to buy oil blocks in return for infrastructure in the country.

However, the report suggested $20 billion (£12.15 billion) of investment had been left at risk because leaders had failed to capitalise on deals that could have helped proposed projects.

It said: "Neither Nigeria nor Angola fits into the stereotype of weak African states being ruthlessly exploited by resource-hungry Asian tigers."

The publication noted no oil had been produced by Asian national oil companies in Nigeria, which had left the country with no tangible benefits.

It added president Obasanjo's "grand design" had "fallen apart".

Founded in 1920, Chatham House aims to be a world-leading source of independent analysis of world-wide issues.

Category: General