EXAMINATION OF THE CHALLENGES AFFECTING INVESTMENT AND REVENUE IN NIGERIA UPSTREAM PETROLEUM INDUSTRY: LEGAL PERSPECTIVE

Abstract

This article is focused on the legal perspective of the Challenges Affecting Investment and Revenue in Nigeria Upstream Petroleum Industry. One of the lucrative businesses in Nigeria is investment in the oil and gas industry. It is a robust business that brings about revenue and earnings from investment for both government and private individuals. In order to sustain the business particularly at the upstream petroleum sub-sector, the government of Nigeria put in place regulatory frameworks to control and manage its petroleum business. The objectives of this article are to identify the legal challenges affecting the investment and revenue in the Nigeria upstream petroleum commission as well as highlighting their achievements and areas they may need to improve. This article therefore seeks to expose the adequacies and inadequacies affecting revenue and investment in the upstream petroleum sub-sector. The article adopted doctrinal methodology, where primary and secondary sources were adopted. The article found out that the regulatory framework in the revenue and investment of the Nigeria Upstream Petroleum Regulatory Commission has not been effective and adequate enough to handle and harmonise investment in the upstream petroleum sector. This article recommended that there is need to urgently amend the Petroleum Industry Act 2021 to accommodate Petroleum Upstream Technology Infrastructure Fund as part of the responsibilities of the Nigerian Upstream Petroleum Regulatory Commission. The article further recommended for transparency, accountability and effective management of the legislation/regulations by the Commission and other institutions to attract more sustainable investments in the upstream petroleum sector.