June 18, 2013

Enhancing Oil Sector Governance In Nigeria Through Transparency Reforms

The
paper highlights the importance of oil sector transparency in order to support governments push towards structural
reforms and inclusive growth.

Download Label
March 13, 2018 - 4:00 am
application/pdf
693.64 kB
v.1.7 (stable)
Read →

Author:Vanessa Ushie

Publication Date:December, 2011

Document Size:23pages


Why Oil Sector Transparency?

  • Corruption negatively affects growth. Overriding logic of unproductive rent-seeking in Nigerias political economy
  • Transparency reforms needed to shore up the credibility of the oil sector, and enhance productivity and efficiency
  • Greater oil sector transparency will support the governments push towards structural reforms and inclusive growth




Related

 

Nigeria Economic Update (Issue 51)

Recently released data by the National Bureau of Statistics (NBS) shows that there was significant increase in Nigerias total merchandise trade for 2016Q3. Basically, the total merchandise trade increased (quarter-on-quarter) by 16.29 percent to N4, 722 billion in 2016Q3;owing to 29.1 percent increase in exports and 6.2 percent rise in imports. Oil exports increased by 31 percent to N1, 943 billion, while non-oil exports increased by 20.5 percent to N440 billion. However, on the aggregate, Nigeria recorded yet another trade deficit of N104 billion, indicating continuous higher imports relative to exports. Overall, though there is improvement in the performance of non-oil sector, however, this is insufficient to effectively complement the loss in oil trade sustained since the beginning of oil price crash. This suggests that diversification into non-oil sector may not be able to rescue the economy in the short term. However, while the diversification efforts should be sustained, eliminating hurdles in oil production may be instrumental to higher exports, especially as oil price increase is gaining momentum.