Duties in Permanent Sovereignty over Natural Wealth and Resources and Petroleum Development in Nigeria: Towards Efficient Government Institutions and Greater Social Responsibility in the Country

Abstract

A previous study of the author on the need to domesticate benchmarked international standards and practices associated with Permanent Sovereignty over Natural Wealth and Resources (PSNWR) in Nigeria, in the course of petroleum and other extractive industrial operations, as aspects of PSNWR, ended by stating that a follow-up study would be embarked upon. That follow-up study would, on the premise of actual performances and/or performance indicators of relevant government institutions established on the basis of their respective enabling laws, examine the efficacy of these institutions and overall government social responsibility (GSR) associated with petroleum development in the country. From the background of global and other benchmarked international sustainable development-oriented regulatory standards and practices and existing Nigerian legal and institutional frameworks associated with PSNWR, the study evaluates the effectiveness of laws and government institutions in the context of the significant and inevitable roles of governments, in the course of petroleum development in Nigeria.

Keywords: Permanent Sovereignty over Natural Wealth and Resources (PSNWR), Petroleum Development Operations, Government Social Responsibility (GSR), Good Governance (GG) and Sustainable Development (SD).

DOI: 10.7176/JLPG/92-08

Publication date: December 31^st 2019