Corruption Reduction in the Petroleum Sector in Nigeria: Challenges and Prospects

Abstract

Corruption, in any way it is looked at, is a social-cankeworm as it pays no person, party government,
institution and the society any good. Corruption is manifested in every phase and sector of the Nigerian
socio-political economy but it is more pronounced in the petroleum sector in the country. Because Nigeria
so much depends on the petroleum sector as her sources of living, income, economic growth and
development, any corrupt practice in the sector by any person or party automatically affects all other
sectors of the economy. Efforts have been made by both the past and present governments through
legislative, executive and legal frameworks as well as administrative; to reduce corruption in the sector but
it seems that not much has been achieved to drastically reduce this social vice in the Nigerian society. It is
therefore suggested here that a combined effort of all stakeholders in the oil and gas business – the federal
and state governments, the judiciary, legislature, law enforcement agencies (the ICPC, EFCC, immigration,
customs, police, army, air force, navy, civil defence corps, etc) as well as the Nigeria National Petroleum
Corporation (NNPC), the oil multinational companies in Nigeria, the oil markets and international
community and other agencies like UNDP, World Bank, IMF, etc- should be the only way out to wipe
corruption out of the country. The only way is through transparency and proper accountability in all
dealing in the sector.