In Nigeria, oil revenues were 65% lower than expected in the first half of 2020. Low oil prices and uncertainty in legislation means prospects for new investment are weak.
Researchers examined 52 oil- and mineral-backed loans from China, commodity traders and other lenders to sub-Saharan African and Latin American countries. The analysis of the loans, which totaled $164 billion between 2004 and 2018, has exposed clear risks and opportunities that come with this type of borrowing mechanism.
Social media have become important channels for Nigerians to simply and quickly exchange information about the governance of the country’s critically important oil sector.
This report explores common resource governance successes and challenges in sub-Saharan Africa. The authors conclude that policymakers, parliamentarians, civil society, media and regional institutions must focus on narrowing the implementation gap between extractive sector laws and actual practice, which will help to restore trust between government, communities and investors and thus strengthen sustainable management of natural resources.
This brief makes the case for publishing Nigerian petroleum contracts, recommends what should be included in these disclosures and suggests how the government can make these commitments a reality.
