Minimization of the Impact of Globalization on Petroleum Politics: Nigeria as a Case Study

Musa, Basiru (2022) Minimization of the Impact of Globalization on Petroleum Politics: Nigeria as a Case Study. Eurasian Journal of Management & Social Sciences.

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Abstract

The paper examined the impact of globalization of petroleum politics on the oil sector of Nigeria and Nigeria. The paper employed the qualitative research framework, where document analysis was used method in obtaining relevant secondary data, and thematic analysis was adopted in analyzing the data. It is found that the globalization of petroleum politics has been having both negative and to a level, positive effects on Nigeria, particularly on the political, economic, and social fronts. The negative effects include weakened Nigeria’s capacity to withstand global oil shocks, heightened porosity of Nigeria’s borders and international waterways, and increased loss of oil revenue. Some of the positive effects are increased awareness on the part of Nigeria to do the needful by diversifying its economy from oil to other viable and less volatile sectors, such as agriculture, solid minerals, aviation, manufacturing, and Information and Communications Technology (ICT). The paper recommends that the recently enacted Petroleum Industry Act should be fully implemented, given the derivable benefits for the oil sector, Nigerian state, and economy.

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