Globalisation In Nigeria’s Oil And Gas Sectors, 1956-2011: An Analysis

Abstract

The study appraises globalization in Nigeria's oil and gas sectors from 1958-2011. It also examines the various laws regulating the Nigeria's oil and gas sectors, its historical background and key aspects of economic globalization, such as financial, trade and investment liberalization, etc, in the face of the Nigeria's Niger Delta crises to the international community. A comparison or analysis will be made on these laws regulating the oil and gas sectors in Nigeria with other European countries and conventions so as to ascertain whether royalties, damages and compensation are directly paid to the oil and gas producing communities or to the state. The theoretical approach of this paper will focus on the analysis that Structural Adjustment Programme (SAP) seeks capitalist laissez-faire within a country. The findings of this study goes under the euphemism of deregulation or market-friendly policy, by responding to Adam Smith and the Laissez-faire bourgeois thinkers and using the Nigeria's Niger delta crises as a case study. The paper concludes that the clamour for a fairer revenue allocation and agitations by oil and gas producing communities in Nigeria's Niger Delta region would not have arisen if the Nigerian government repeal or review the laws regulating the oil and gas sectors. Also, if the multinational oil and gas companies operating in Nigeria are directly answerable to the oil and gas producing communities and pay them directly as obtainable in other European countries, it would have reduced their agitation, selfish interest, human right violations, insecurity and environmental degradation, etc, being suffered by these communities.