Nigeria may lose $9bn over UK judgment
Process and Industrial Developments Limited (P&ID), an international engineering and project management company, looking forward to a final UK court pronouncement on February 15, 2019 to enforce the arbitration tribunal award against the government of Nigeria. This arbitration award against the country is as regards a breach of contract
P&ID is also in the process of enforcing the judgment in the US as well as in several European countries.
At the last check, arbitration award or judgement debt, amounts to roughly 11 per cent of Nigeria’s entire foreign reserves which currently stand at $43.2bn.
Comparatively, the $9bn award is half of Nigeria’s earning from crude oil exports in the whole of 2018.