Nigeria has promising investment opportunities in the up and downstream sectors of the oil and gas industry that need financing. In the upstream, there are an estimated 37.2 Billion proven oil reserves and 182 Trillion cubic feet of natural gas. New investment opportunities are being developed, and individual and organizational investors need to finance their activities by purchasing drilling equipment and financing their infrastructures and storage facilities. Sukuk financing became a potential investment opportunity that could significantly address the upstream and downstream oil and gas sector and restore the glory of refineries in the country. There are currently three petroleum refineries in Nigeria with a stated capacity of 438 750. Perhaps the refineries are obsolete and bedeviled by poor management and turnaround maintenance due to the lack of funding. The study examines the potential of Sukuk financing oil and gas in the sector in Nigeria. The study employed Structural Equation Modeling to test the respondents' perspectives on the proposed model. Findings predict that the government may diversify and look for an alternative for funding that attracts more investors to participate in Sukuk financing. Future research is encouraged to use quantitative assessment methods to assess funding priorities between the Upstream, middle and downstream petroleum sectors.

The paper reviews environmental policies and strategies in the Nigerian oil and gas industry sector, assessing its efficiency, challenges and prospects. Essentially, the study established that the Environmental Policies and Strategies of Nigeria Oil and Gas Industry have impacted positively on the Nigerian environment over the years, especially in the area of awareness creation for all stake-holders. In terms of challenges, inefficiency of the regulators due to inadequacy of logistics, poor environmental data base, duplication and overlaps of regulators functions are some of the challenges identified. The prospect of environmental policies and strategies in Nigeria is generally considered to be bright, considering the fact that the industry is still evolving. Relevant recommendations were made on how to achieve improvements.

Since the exploration of Oil and Gas gain huge commercial essence in the economy of Nigeria,the battle to strike a balance between maximizing revenue, wooing investors and protecting the people and environment of host communities, has remain till date a mirage. While time is of essence, the leg dragging attitude towards reforms and the non passage of the Petroleum Industrial Bill has created an atmosphere of uncertainty in the industry, scaring potential investors away. This paper evaluates the current potentials of the Oil and Gas industry, its reforms and challenges.

The oil and gas industry in Nigeria, a vital contributor to the nation's economy, has long been associated with significant environmental challenges. Pollution, habitat destruction, and greenhouse gas emissions have raised global concerns about sustainability and corporate responsibility. This empirical study explores the relationship between environmental accounting practices and the financial performance of listed oil and gas companies in Nigeria. We investigated eight oil and gas companies that are publicly traded on the Nigerian Stock Exchange Market (NGX) as of January 17, 2022, from 2011 to 2022. The study employs Driscoll-Kraay standard errors and reveals that environmental accounting had significant effects on returns on assets, earnings per share, and liquidity ratio. The study revealed that the implementation of environmental accounting practices had diverse effects on the performance of oil and gas companies in Nigeria. The findings encourage policymakers and stakeholders in the sector to utilise the insights and design more effective regulations and incentives that promote environmental corporate responsibility. Also, valuable insights into the potential benefits and challenges associated with adopting environmental accounting practices, and influencing the decision-making processes of corporate stakeholders were provided to ensure sustainability in terms of improved financial performance of the oil and gas sector in Nigeria.

Environmental pollution arising from gas flaring constitutes a major concern among the international community, particularly as a result of the negative impact it brings to society, environment, and economy. In the last 60 years, multinational oil companies operating in Nigeria have consistently flared associated natural gas. This paper critically examines the extant legal frameworks for regulating gas flaring within the Nigerian oil and gas industry, as well as other efforts made by the federal government towards ending gas flaring in the country. The effects of gas flaring on the inhabitants of the Niger-Delta region of Nigeria (human and environment) are discussed, then an overview of the challenges militating against ending the menace of gas flaring is provided. The paper contends that unless there is strict enforcement of anti-gas flaring regulations by the regulating agencies of government with stiff punishments and fines for erring oil companies, gas flaring will not abate. Recommendations are, therefore, proffered for combating gas flaring in the country.

The oil and gas sector in Nigeria is undoubtedly going through serious crisis, due partly to a sharp reaction by the oil producing communities, which suffer grievous hardships resulting from the operations of the laws governing the sector. The various attempts to suppress these people through the gun have failed woefully. The only option clearly available to the key players in the industry (the government and the oil producing/servicing companies) is to adopt fair and equitable laws as a framework for the exploitation of the oil and gas resources in Nigeria. This paper assesses the available laws regulating the oil and gas industry in Nigeria and recommends a progressive legal framework for the regulation of the Nigerian oil and gas sector, with a view to remedying the perceived lapses in the law.

The signing of the Nigerian Petroleum Industry Act in 2021 by the Buhari administration signified a paradigm shift from voluntary to statutory mandated community investment strategy of oil and gas companies in Nigeria. In order words, the discretionary Community investment strategies (Memorandum of Understanding) hitherto employed by oil and gas production and exploration companies to ameliorate the squabbles between them and their respective host community, and thereby gain unhindered access to operate no longer obtains. The deployment framework, processes and procedures to guide its (PIA) implementation is stated in the ACT. Also, further clarifications on gray areas in the ACT were expounded in the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) guidelines. However, despite the robustness of the ACT and the NUPRC guidelines, settlors and host communities alike have raised pertinent questions regarding its implementation. The paper is aimed at objectively identifying the existing gaps in the Petroleum Industry Act and the NUPRC guideline as it relates to the host community component with a view to suggests/recommends possible solutions.

This article critically assesses the regulatory landscape for oil and gas development proposed under the 2017 Nigeria gas and petroleum policies, which are together referred to as the Nigeria Oil and Gas Policy (NOGP) 2017, to highlight its capacity to lead to the achievement of regulatory excellence in the oil and gas industry in Nigeria. The assessment is based on a conceptual framework developed by the Penn Program on Regulation (PPR) at the University of Pennsylvania Law School in 2015 to assist the Alberta Energy Regulator – the body responsible for regulating energy development in Alberta, Canada – to identify the best regulatory approach to overcome the challenges of regulating energy development in the province. The PPR framework is selected not only because it is based on a detailed and systematic review of earlier frameworks but also because it is the only framework prepared primarily for the energy sector, though its elements can be easily adapted to other sectors as well. The article’s central argument is that while the NOGP 2017 represents an important step forward in the efforts to effectively regulate the oil and gas industry, there are significant gaps in the regulatory landscape proposed in the policy for the achievement of regulatory excellence. The article identifies those gaps and notes, however, that the achievement of regulatory excellence depends considerably on the implementation framework adopted by the new yet-to-be-established regulator when it comes into operation.

In the 56 years of multinational oil corporations’ operations in Nigeria, issues relating to corporate responsibility and accountability have posed a great challenge in institutionalising robust environmental management standards, and getting the MNCs to account. In spite of the developments in the area of environmental management and law, victims of environmental degradation traceable to and associated with oil and gas activities in the Niger-Delta face a great many uncertainties in their quest for justice. This article examines the issues relating to corporate accountability in the Nigerian oil and gas sector, and the components of the uncertainties sustaining them.

This article examines the financing options in the oil and gas sector of Nigeria and acknowledges the important role of oil and gas to the Nigerian economy in terms of generating the bulk of government revenue, which is estimated to be over 70 per cent of the total revenue. It also identifies the regulatory framework for the oil and gas sector and captures the various forms of financing and securities taken by major financiers like local and foreign banks, as well as international financial institutions. This article is necessitated by the various challenges besetting oil and gas financing in Nigeria, such as the technicalities and the substantial capital outlay required for such financing, the sabotage of oil and gas equipment and installations, which may jeopardise the collateral securities taken by financiers, the relatively low knowledge of the concept of reserves-based lending, which accepts ‘oil in the ground’ as collateral, lack of equity contributions, high cost of security documentation, the rigorous process of achieving a change in control arising from investment in the sector and the reluctance of foreign banks to fund oil and gas projects in Nigeria due to the attendant high risk. This article highlights the role of lawyers in oil and gas financing in Nigeria and concludes that there has been an increase in oil and gas financing in Nigeria over the years and proffers solutions aimed at meeting the financial needs of the sector.