This paper evaluates the effectiveness of oil and gas regulatory policies in promoting sustainable practices in the Global South using Federal republic of Nigeria as a case study. Oil and gas are an important aspect for economic development in Nigeria including its significant contribution to foreign revenue. Various regulations have been proposed in Nigeria to include The Petroleum Act of 1969, Petroleum Profits Tax Act 1990, the Deep Offshore and Inland Basin Production Sharing Contract Act (Amendment) Bill 2019 and the Petroleum Industry Act (PIA 2021). Prior to PIA 2021, laws were largely outdated and incongruent with the current economic and industry landscape. This paper critically analyses the legislative and regulatory principles governing Nigeria’s oil and gas industry, with a special focus on the new PIA of 2021. It identifies existing obstacles in present legislations that may stymie the industry’s progress towards sustainable development. These obstacles include policy uncertainty, insufficient community engagement, confusing legislative phrasing, an overreliance on fossil resources, and security concerns. It proposes strategies to increase sustainability in Nigeria’s oil and gas industry. These include ensuring policy certainty through clear and predictable regulations, prioritizing community engagement to address environmental and social concerns, using clear and precise language in legislation for accountability and effective implementation, diversifying the energy mix through investment in renewable energy sources, and addressing security concerns to create a stable environment for industry growth. Further Nigeria should adopt the three pillars of sustainability to include social, economic and environmental. Future work will include exploring sustainability paradigm as adopted in the Global North and elsewhere.

Authors: Titus Kehinde Olaniyi, Anuoluwapo Hope Apanisile

Published in: World Congress on Sustainable Technologies (WCST-2023)

• Date of Conference: 13-15 November 2023
• DOI: 10.20533/WCST.2023.0015
• ISBN: 978-1-913572-64-8
• Conference Location: St Anne’s College, Oxford University, UK