IMPLICATIONS OF CORRUPTION IN THE NIGERIAN OIL AND GAS SECTOR ON SOCIO-ECONOMIC DEVELOPMENT

Abstract

This study examined the root causes and consequences of corruption in Nigeria petroleum industry, as well as the effectiveness of existing anti-corruption legislation and enforcement mechanisms. The study utilized data presentation through tables and employed basic statistical methods such as percentages and means for analysis. Relying on both primary and secondary sources of information, the paper revealed that the prevalence of corruption within the Nigerian petroleum sector has far-reaching and detrimental consequences, both economically and socially. The study recommended that comprehensive reforms should be made in the legal and enforcement aspects of combating corruption in the oil industry and also launch public awareness campaigns and initiatives that inform citizens, stakeholders, and industry players about the consequences of corruption.