CONTEXTUALISING THE FUNCTIONS OF THE NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC) THROUGH LAWS AND POLICIES

📄 Project Abstract

The Nigerian National Petroleum Corporation (NNPC) is a joint venture partnership with international oil corporations (IOCs) from the United States of America, Britain, France and the Netherlands, which lays emphasis on maximisation of oil revenues over adequate financing of gas utilisation facilities. Nigeria is the largest oil producer in Africa holds the largest natural gas reserves on the continent and was the world's fifth-largest exporter of liquefied natural gas (LNG) in 2018. Although Nigeria is the leading crude oil producer in Africa and her crude oil and natural gas resources are the mainstay of the country's economy, production is affected by sporadic supply disruptions. Thus the disruption in supply affects by crude oil price changes. The International Monetary Fund (IMF) projects that Nigeria's crude oil and natural gas exports earned $55 billion in 2018, which is $23 billion higher than in 2016.The growth in export revenue, which can be partly attributed to the rebound i...