LEGAL APPRAISAL OF PETROLEUM PRODUCTION AND SUPPLY SECURITY MEASURES IN NIGERIA

Nigeria is blessed with abundant petroleum and other natural resources such as oil and gas, yet the citizens are energy poor. Nigeria’s petroleum concern could be expressed in a paradoxical state. That is energy poverty in the midst of energy wealth. Generally speaking, Nigeria’s economy is monocultural where almost every economic activity revolves around oil and gas. Petroleum oil accounts for about 80% of government revenues, including export and foreign exchange earnings and 70% of electricity generation. Our transportation system is completely dependent on petroleum. This author adopted the doctrinal research method relying on primary and secondary sources of law. It found out among other factors bedeviling petroleum production and supply security to include the overbearing influence in the operation of the industry by the government. Corruption and the impotency of the extant laws on petroleum. The article therefore concluded with a call for a more robust; deliberate and concerted efforts towards improving the petroleum production and supply security architecture. Consequently, the author recommended amongst others for a robust improved and better legal framework, elimination of corruption in the industry and prioritization of domestic supply obligation by the IOC’s.