The economic costs are astronomical. Instead of benefitting under the Agreement with P&ID by receiving free processed gas that could have helped provide electricity to Nigerians, the Nigerian government’s decision to renege on the deal means that it now must compensate P&ID for the financial damage it suffered. Moreover, should the U.S. and U.K. courts grant enforcement of the award, Nigeria’s ability to access international capital markets and do business in the U.S. and U.K. could be severely impacted.
P&ID Facts > FAQs > What are the consequences for Nigeria of this decision to rip up the contract with P&ID?