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

Authors

  • Olabode A. Oyewunmi Covenant University, Ogun State
  • Olusola J. Olujobi Covenant University, Ogun State

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 & gas, law, policy, re-engineering, NigeriaJEL Classifications: O13, Q48

Downloads

Download data is not yet available.

Downloads

Published

2016-07-26

How to Cite

Oyewunmi, O. A., & Olujobi, O. J. (2016). Transparency in Nigeria’s Oil and Gas Industry: Is Policy Re-Engineering the Way Out?. International Journal of Energy Economics and Policy, 6(3), 630–636. Retrieved from https://econjournals.com/index.php/ijeep/article/view/2569

Issue

Vol. 6 No. 3 (2016)

Section

Articles

License

Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.