Redacted article courtesy of – ISS Africa
Nigeria’s Petroleum Industry Bill was passed on 1 July, potentially ending a 13-year stalemate since it was first introduced in 2008. It is expected to radically reform Nigeria’s oil and gas industry and ensure that its citizens benefit more from its oil wealth. However some provisions appear to contradict this objective.
One of these is the allocation of oil revenues to exploration in the country’s northern region.
Natural resources can serve as a good base for growth and prosperity. But the political economy of oil in Nigeria means that production in the north may worsen the already deplorable security, political and socio-economic situation. It’s also unlikely to provide the substantial number of jobs urgently needed to drive stabilisation in the region.
Link to full article: https://issafrica.org/iss-today/nigerias-north-needs-jobs-not-oil