The global economy grew by 2.7 percent in the fourth quarter of 2016 (2016Q4) relative to 2.5 percent in 2016Q3, due to rising investment and consumption demands in developed and emerging economies as well as a rise in commodity prices. However, over the entire year, global GDP growth stood at 2.6 percent in 2016, relative to the growth of 3.09 percent recorded in 2015. Notably, output grew progressively in the US over the year, while the steady growth recorded in the UK since the start of the year stalled in 2016Q4. Also, the declining growth recorded in France since 2015 took a positive turn in 2016Q4, the rest of the Eurozone witnessed a fall in output in the quarter. While emerging economies recorded mixed experiences, many Sub-Saharan African countries showed signs of recovery in the period.

Recent Data on Nigerias Real GDP growth rate (Year-on-Year) declined by 0.73 percentage points, from 2.84 per cent in 2015Q3 to 2.11 percent in 2015Q4. The slowdown in economic growth was largely driven by the decline in the performance of the oil sector which was occasioned by the slump in crude oil prices and the slight drop in the volume of crude oil produced. Specifically, compared to the 1.05 percent growth recorded in 2015Q3, the oil sector witnessed a negative growth of 8.28 percent in 2015Q4.

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.