ASSESSMENT OF THE EFFECT OF CORRUPTION ON THE PETROLEUM SECTOR IN NIGERIA (1990-2023)
Abstract
ABSTRACT
This research work investigated the effect of corruption on the petroleum sector in Nigeria using the Autoregressive Distributed Lag (ARDL) technique and secondary sources of data over a period of 33 years (1990–2023). The long-run estimate of the variables using the ARDL model reveals a positive relationship between the Corruption Perception Index and oil revenue in Nigeria. Additionally, the other explanatory variables have negative and statistically significant effects on oil revenue in Nigeria. Based on the empirical findings, the following recommendations were made: all public loots should be thoroughly investigated and offenders, once found guilty, should be prosecuted and the loots recovered to the value of what has been stolen. The anti-corruption agencies should carry out their primary assignments without external influence. They should not be used as a weapon against those who oppose the ruling government. The award of oil blocks, contracts, licensing and production rights should follow due process without government and its agents’ interference. The awarding of oil blocks to individuals should be discouraged; rather, they should be awarded to corporate entities with widespread ownership.
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