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

Author

Listed:
  • Olabode A. Oyewunmi

    (Covenant University, Ogun State, Nigeria,)

  • Olusola J. Olujobi

    (Covenant University, Ogun State, Nigeria.)

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.

Suggested Citation

  • Olabode A. Oyewunmi & Olusola J. Olujobi, 2016. "Transparency in Nigeria s Oil and Gas Industry: Is Policy Re-engineering the Way Out?," International Journal of Energy Economics and Policy, Econjournals, vol. 6(3), pages 630-636.
    • Handle: RePEc:eco:journ2:2016-03-33
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    Citations

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    Cited by:

    1. Kumar, Sourabh & Barua, Mukesh Kumar, 2023. "Exploring the hyperledger blockchain technology disruption and barriers of blockchain adoption in petroleum supply chain," Resources Policy, Elsevier, vol. 81(C).
    2. Olabode Adeleke Oyewunmi & Omotayo Adewale Osibanjo & Hezekiah Oluwabusayo Falola & Olusola Joshua Olujobi, 2017. "Optimization by Integration: A Corporate Governance and Human Resource Management Dimension," International Review of Management and Marketing, Econjournals, vol. 7(1), pages 265-272.
    3. Michael Karikari Appiah & Bayu Taufiq Possumah & Nizam Ahmat & Nur Azura Sanusi, 2018. "Policy Environment and Small and Medium Enterprises Investment in the Ghanaian Oil and Gas Industry," International Journal of Energy Economics and Policy, Econjournals, vol. 8(4), pages 244-253.
    4. Olusola Joshua Olujobi & Olabode Adeleke Oyewunmi, 2017. "Annulment of Oil Licences in Nigeria s Upstream Petroleum Sector: A Legal Critique of the Costs and Benefits," International Journal of Energy Economics and Policy, Econjournals, vol. 7(3), pages 364-369.
    5. Olusola Joshua Olujobi & Elizabeta Smaranda Olarinde & Tunde Ebenezer Yebisi & Uchechukwu Emena Okorie, 2022. "COVID-19 Pandemic: The Impacts of Crude Oil Price Shock on Nigeria’s Economy, Legal and Policy Options," Sustainability, MDPI, vol. 14(18), pages 1-20, September.
    6. Olujobi, Olusola Joshua & Irumekhai, Oshobugie Suleiman, 2024. "Strategies and regulatory measures for Combatting illicit mining operations in Nigeria: A comprehensive legal perspective," Resources Policy, Elsevier, vol. 88(C).
    7. Olusola Joshua Olujobi & Tunde Ebenezer Yebisi & Oyinkepreye Preye Patrick & Afolabi Innocent Ariremako, 2022. "The Legal Framework for Combating Gas Flaring in Nigeria’s Oil and Gas Industry: Can It Promote Sustainable Energy Security?," Sustainability, MDPI, vol. 14(13), pages 1-20, June.
    8. Daniel E. Ufua & Evans Osabuohien & Mercy E. Ogbari & Hezekiah O. Falola & Emmanuel E. Okoh & Adnan Lakhani, 2021. "Re-Strategising Government Palliative Support Systems in Tackling the Challenges of COVID-19 Lockdown in Lagos State, Nigeria," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 22(1), pages 19-32, June.
    9. Daniel E. Ufua & Olusola J. Olujobi & Mercy E. Ogbari & Joseph A. Dada & Oluwatosin D. Edafe, 2020. "Operations of small and medium enterprises and the legal system in Nigeria," Palgrave Communications, Palgrave Macmillan, vol. 7(1), pages 1-7, December.
    10. Olusola Joshua Olujobi & Daniel E. Ufua & Uchechukwu Emena Okorie & Mercy E. Ogbari, 2022. "Carbon emission, solid waste management, and electricity generation: a legal and empirical perspective for renewable energy in Nigeria," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 22(3), pages 599-619, September.
    11. Olusola Joshua Olujobi & Elizabeta Smaranda Olarinde & Tunde Ebenezer Yebisi, 2022. "The Conundrums of Illicit Crude Oil Refineries in Nigeria and Its Debilitating Effects on Nigeria’s Economy: A Legal Approach," Energies, MDPI, vol. 15(17), pages 1-15, August.

    More about this item

    Keywords

    Transparency; Oil and Gas; Law; Policy; Re-engineering; Nigeria;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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