Policy Brief & Alerts

November 11, 2011

Transparency Deficits In The Disclosure Of Oil Sector Information In Nigeria

This brief examines the challenges in the discharge of
statutory transparency roles by strategic regulatory institutions in the oil
sector and also identifies policy interventions to improve access to
information on key oil sector processes and transactions.

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Publication Date:November, 2011

Volume Number: 1

Document Size: 4pages


This Policy Brief presents the findings of the Transparency Building Initiative, aproject of the Facility for Oil Sector Transparency (FOSTER) in Nigeria,implemented by CSEA. FOSTER is a five-year DFID funded project that aims toimprove oil sector transparency in Nigeria through a combination of technicalanalysis and policy advocacy. CSEA is the local partner in the FOSTER consortium,working with Oxford Policy Management, UK, and the Revenue Watch Institute,USA.

The Transparency Building Initiative (TBI) identified the most significanttransparency deficits in the disclosure of information on the Nigerian oil sector.This exercise was informed by the 2010 ranking of Nigerias oil sector by theinternationally reputed Revenue Watch Index as having partial revenuetransparency. In response to this global rating of oil sector transparency inNigeria, the TBI project sought to identify weaknesses in the discharge ofstatutory transparency roles by strategic regulatory institutions in the oil sector,specifically in the disclosure of information and data. The project also identifiedpolicy interventions to improve access to information on key oil sector processesand transactions.




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Nigeria Economic Update (Issue 6)

The nations foreign reserves have been on a steady rise. In the review week, reserves increased by $415.2 million from $28.3 billion on February 3, 2017 to $28.8 billion on February 10, 2017. The increase is likely the reflection of a sustained crude oil revenue complemented by moderating global crude oil price and increasing domestic production. This should help strengthen the ability of the CBN to foster forex liquidity, and thus help maintain stability in the domestic forex market. If sustained, it should also help improve the value of the naira overtime. Hence, the government should implement proactive and effective policy strategies to, not only, sustain improvements in oil revenue but also boost non-oil revenue.