PUBLIC REGULATION OF THE OIL AND GAS INDUSTRY IN NIGERIA: AN EVALUATION

Abstract

Nigeria operates a command and control regulatory framework in the oil and gas sector. This type of regulation was prevalent in the United States and Britain during the 1970s and 1980s. Under this regulatory framework, regulators are deemed to be acting in the public interest. This article focuses on the extant public regulatory regime in the oil and gas sector in Nigeria. Generally, factors, such as red-tape, over-regulation and regulatory capture, amongst others, are some reasons militating against a command and control regulatory regime. This article will contend that unless there is a paradigmatic shift in the state-oriented or public regulatory framework in the oil and gas sector in Nigeria, the fundamental ills or malaise afflicting the industry will not abate.