THE NIGERIAN OIL RESOURCEAND SOVEREIGN WEALTH FUND: AN INTERROGATION
This article interrogates the Nigerian oil resource and Sovereign Wealth Fund and also investigates what Nigeria must do if it must escape the resource curse. Nigeria has actively engaged in oil exploration for about six decades and is the largest producer of oil resources on the African continent....
Saved in:
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Federal University Wukari
2022-12-01
|
| Series: | International Studies Journal |
| Subjects: | |
| Online Access: | https://wissjournals.com.ng/index.php/wiss/article/view/69 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1823860815697018880 |
|---|---|
| author | Joshua DANJUMA |
| author_facet | Joshua DANJUMA |
| author_sort | Joshua DANJUMA |
| collection | DOAJ |
| description |
This article interrogates the Nigerian oil resource and Sovereign Wealth Fund and also investigates what Nigeria must do if it must escape the resource curse. Nigeria has actively engaged in oil exploration for about six decades and is the largest producer of oil resources on the African continent. During the oil boom of the 1970s, oil was the primary source of government revenue, amounting to about 80% of total income. The paper adopts content analysis of mainly secondary sources to examine the research problem at stake using the resource curse theory. Findings reveal poor political institutions, corruption and lack of accountability, weak executive control of oil resource governance with apparent inadequate checks and balances, and the resultant conflicts and clashes of interests, manipulations, and inflation of oil contracts with favouritism in allocating oil blocs to cronies.Therefore, this articleshades in a newlight by interrogating the Nigerian Sovereign Wealth Fund to ensure optimal benefits of oil wealth to all citizenry; it submits that measures must be adopted in building political institutions, reforming the Niger Delta Development Commission; diversification, building a welfare state, equitable distribution of oil wealth and the imposition of direct tax.
|
| format | Article |
| id | doaj-art-83e4100411d44b6daa3eba31cc79933b |
| institution | Kabale University |
| issn | 2756-4649 |
| language | English |
| publishDate | 2022-12-01 |
| publisher | Federal University Wukari |
| record_format | Article |
| series | International Studies Journal |
| spelling | doaj-art-83e4100411d44b6daa3eba31cc79933b2025-02-10T10:01:25ZengFederal University WukariInternational Studies Journal2756-46492022-12-0162THE NIGERIAN OIL RESOURCEAND SOVEREIGN WEALTH FUND: AN INTERROGATIONJoshua DANJUMA0Kaduna State University, Kaduna This article interrogates the Nigerian oil resource and Sovereign Wealth Fund and also investigates what Nigeria must do if it must escape the resource curse. Nigeria has actively engaged in oil exploration for about six decades and is the largest producer of oil resources on the African continent. During the oil boom of the 1970s, oil was the primary source of government revenue, amounting to about 80% of total income. The paper adopts content analysis of mainly secondary sources to examine the research problem at stake using the resource curse theory. Findings reveal poor political institutions, corruption and lack of accountability, weak executive control of oil resource governance with apparent inadequate checks and balances, and the resultant conflicts and clashes of interests, manipulations, and inflation of oil contracts with favouritism in allocating oil blocs to cronies.Therefore, this articleshades in a newlight by interrogating the Nigerian Sovereign Wealth Fund to ensure optimal benefits of oil wealth to all citizenry; it submits that measures must be adopted in building political institutions, reforming the Niger Delta Development Commission; diversification, building a welfare state, equitable distribution of oil wealth and the imposition of direct tax. https://wissjournals.com.ng/index.php/wiss/article/view/69Natural resourcecurseinstitutionscorruption |
| spellingShingle | Joshua DANJUMA THE NIGERIAN OIL RESOURCEAND SOVEREIGN WEALTH FUND: AN INTERROGATION International Studies Journal Natural resource curse institutions corruption |
| title | THE NIGERIAN OIL RESOURCEAND SOVEREIGN WEALTH FUND: AN INTERROGATION |
| title_full | THE NIGERIAN OIL RESOURCEAND SOVEREIGN WEALTH FUND: AN INTERROGATION |
| title_fullStr | THE NIGERIAN OIL RESOURCEAND SOVEREIGN WEALTH FUND: AN INTERROGATION |
| title_full_unstemmed | THE NIGERIAN OIL RESOURCEAND SOVEREIGN WEALTH FUND: AN INTERROGATION |
| title_short | THE NIGERIAN OIL RESOURCEAND SOVEREIGN WEALTH FUND: AN INTERROGATION |
| title_sort | nigerian oil resourceand sovereign wealth fund an interrogation |
| topic | Natural resource curse institutions corruption |
| url | https://wissjournals.com.ng/index.php/wiss/article/view/69 |
| work_keys_str_mv | AT joshuadanjuma thenigerianoilresourceandsovereignwealthfundaninterrogation AT joshuadanjuma nigerianoilresourceandsovereignwealthfundaninterrogation |