The Role of the Nigerian Oil and Gas Content Act in the Promotion of Sustainable Economic Development

Abstract

Most Nigerian citizens wallow in poverty despite the fact that Nigeria earns hundreds of trillions of dollars from crude oil exploration.    Environmental terrorism has become the order of the day as pipelines and oil installations are being vandalized, coupled with increase in the kidnapping of oil workers and members of their families.

The world is currently in search of sustainable future that will deliver better living standards by accelerating increasing employment.  There are over two million unemployed youths and 40% illiteracy level in Nigeria.  How can the Content Act promote inclusive and sustainable economic growth, full and productive employment and decent work for all?  What mechanisms are put in place to ensure compliance with the minimum Nigerian Content?  Considering the level of corruption in Nigeria, is there any hope that compliance with the Nigerian Content Development Act will be enforced?

This paper looked at the Nigerian oil and gas industry, the legal/institutional framework for the maximization of earnings from the oil and gas industry, and  the Oil and Gas Content Development Act in particular.  Hindrances to the effective operations of the Act were also deliberated upon and how the petroleum industry can usher in sustainable development in Nigeria.

The paper made use of primary and secondary sources of information from the library.  The paper concluded that as plausible as the Nigerian Content Development Act, it cannot deliver sustainable economic development because there are no efficient strategies to ensure implementation of the provisions of the Act.

Key Words: Sustainable development, Nigerian Content, Sustainable Economic Development