POLITICS OF OIL BLOCKS ALLOCATION AND THE NIGERIAN ECONOMY

Cletus, O. Akenbor ()
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Cletus, O. Akenbor: Federal University Otuoke, Postal: Bayelsa State, Nigeria,, https://www.afarng.org/jfafi/

Journal of Forensic Accounting & Fraud Investigation (JFAFI), 2020, vol. 5, issue 1, 221-255

Abstract: This study aimed at investigating the politics of oil blocks allocation and its effect on the Nigerian economy. This was achieved through a critical review of the extant literature and the formulation of hypothesis. Ex post facto research design was adopted in this study and the secondary data were extracted from various reports of the Department of Petroleum Resources (DPR) and the Nigerian Extractive Industry Transparency Initiatives (NEITI) for a period of thirteen (13) years considered as years of oil blocks allocations and renewals in Nigeria. The data were analysed with descriptive statistics while the impact of politics of oil blocks allocation on the Nigerian economy was tested with ordinary least square (OLS) regression technique. Findings of the study revealed that politics of oil blocks allocation negatively affect the economy of Nigeria. Based on the above findings, the following recommendations are made: to nip in bud the use of discretion in oil blocks allocation, the petroleum industry governance bill should be passed into law without further delay as such delay will be tantamount to the growth and development of the economy; staff of the Department of Petroleum Resources to be saddled with the responsibility of open competitive bidding should either be the very young ones with less than five years in service or the very old ones with less than five years to retirement. This will help to reduce the level of corruption in the process as young employees may be scared of losing their job even as old ones are scared of losing their retirement benefits; and the pre-qualification conditions for licensing rounds in oil blocks allocation should be structured in such a way not to promote favouritism of a particular investor.

Keywords: Allocation; Human development index; Nigerian economy; Oil blocks; Politics (search for similar items in EconPapers)
Date: 2020
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