Enabling Energy: Optimizing Nigerian Oil and Gas Policies for Enhanced Efficiency and Job Creation

Energy is an essential need of mankind and is a necessary instrument for job creation. Nigeria relies mostly on energy from fossil fuel. Though the country is blessed with abundance of oil and gas, a large percentage of the population are jobless. There is also limited economic growth while the vast potentials in the oil and gas industry are not effectively harnessed. Over the years, several policies, laws and regulations have been enacted as part of the strategic effort to enhance energy delivery in the country, drive efficiency in the oil and gas industry and create employment for the teeming population. This study, focused on the critical review and analysis of the policies, laws and regulations, indicated the laws, regulations, and policies have not effectively stimulated the investment required in the petroleum industry to drive energy availability and create the required jobs. Unlocking the vast potentials in the sector requires addressing existing security issues, enhancing infrastructural development, driving policy inconsistencies, and removing regulatory bottlenecks hampering the efficient monetization and utilization of Nigeria’s oil and gas resources. With continued policy reforms, insulation of the oil and gas sector from political interference and effective collaboration between government agencies and stakeholders in the industry, Nigeria can harness her abundant oil and gas potentials to diversify the economy, meet domestic energy needs and create the required employment opportunities for the teeming youths. With some international oil companies divesting from the country lately, the country may face the challenge of limited capacity of local companies to attract the required funding, hence the need to consider stakeholders concerns in policy formulation to sustain investment in the sector.