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      <image:caption>From the view point of investment attractiveness, median IRR for the Oil and Gas Industry dropped from 30 per cent (2010-2011) to 15 per cent (2019-2020) impacting the spread between ROIC and cost of capital, a key driver of investment flow from the capital market to the Industry. Coupled with the steady transfer of invested capital from fossil fuels to green energy by governments of consumer nations, the future of the industry will be largely dependent on capital discipline and operational efficiency. Nigeria does not rank high in these two critical elements. This also has serious implications for Nigeria.</image:caption>
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