Transparency in Nigeria s Oil and Gas Industry: Is Policy Re-engineering the Way Out?

Olabode A. Oyewunmi and Olusola J. Olujobi
Additional contact information
Olabode A. Oyewunmi: Covenant University, Ogun State, Nigeria,
Olusola J. Olujobi: Covenant University, Ogun State, Nigeria.

International Journal of Energy Economics and Policy, 2016, vol. 6, issue 3, 630-636

Abstract: Nigeria is Sub-Saharan Africa s largest oil producer and also possesses huge unrealized gas deposits. The oil and gas industry is considered as the lifeblood of Nigeria s socio-economic development, bearing in mind the well-established historical antecedents and the unfolding happenings. However, inspite of the strategic role of this industry to national wellbeing, it is a signpost for; corruption, infrastructure deficit, oil smuggling, vandalism and diverse security challenges. It is noteworthy, that accurate revenues attributable to the industry are not consistently published. Royalties paid to the Federal Government remain undisclosed for unjustifiable reasons. Also, specifics of transactions are disguised, thereby making it practically impossible for an interested stakeholder to monitor the level of; royalties, taxes, fees and charges paid to the Federal Government. Hence, the paper critically assessed selected laws, code, practices and the essence of policy re-engineering to Nigeria s oil and gas industry. Conclusions and contextual recommendations were also proffered.

Keywords: Transparency; Oil and Gas; Law; Policy; Re-engineering; Nigeria (search for similar items in EconPapers)
JEL-codes: O13 Q48 (search for similar items in EconPapers)
Date: 2016
References: View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://www.econjournals.com/index.php/ijeep/article/download/2569/1800 (application/pdf)
http://www.econjournals.com/index.php/ijeep/article/view/2569/1800 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2016-03-33

Access Statistics for this article

International Journal of Energy Economics and Policy is currently edited by Ilhan Ozturk

More articles in International Journal of Energy Economics and Policy from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().