Corruption In Nigeria’s Oil And Gas Industry: Extent And Macroeconomic Impact, 1981-2014

Description

– Corruption In Nigeria’s Oil And Gas Industry: Extent And Macroeconomic Impact, 1981-2014 –

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Abstract

Typically, the nexus between the oil and gas industry and the economy has evolved from the Dutch Disease literature to the resource curse literature. However, at the core of the relations is the issue of corruption.

The various reports into corruption in the upstream and the downstream by the House of Representatives (2012) and the non payment of $49 billion into the Federation Account suggest the likelihood of an endemic problem that is a pointer to the susceptibility of the industry to corruption which has undermined the development of the economy.

This study investigated the problem of corruption in the oil and gas industry. The objective of the study was to determine the extent and macroeconomic impact of corruption in the oil and gas industry.

To achieve the objectives, the study measured the extent of corruption in the industry, from the activities of the industry in both the upstream and the downstream.

The summation of the losses from these activities was the measure of the extent of loss due to corruption in the industry. The study then measured the impact of the corruption using simulation analysis. The analysis was based on ten scenarios which showed how the macroeconomy was impacted by corruption in the oil and gas industry.

Introduction

1.1 Background of the Study

Despite the complexities that surround the concept of corruption globally in terms of it’s multi dimensional nature with regards to cultural, sociological, psychological, definition, secrecy and measurability, corruption has continued to attract interests of scholars, advocates, governments and multilateral organizations.

This is so given the challenges and problems that are associated with the menace globally .Scholars differ on the perception and effects of corruption on the economy.

Some of them such as Leff (1964), Huntington (1968), Lui (1985), Lien (1986) Acemoglou and Verdier (1998) and Aluko (2008), argued that corruption enhances efficiency and as such positively impacts on the economy.

For example, Leff (1964) and Huntington (1968) suggest that under rigid regulation and inefficient bureaucracy, corruption might foster economic growth. In their model, they believed that agents use “speed money” to get around bad laws and institutions.

Additionally, Lui (1985) shows that bribery can be efficient in a queuing model if agents with higher values of time can use bribes to obtain a better place in line.

Acemoglou and Verdier (1998) on their part argue that some degree of corruption may be part of the optimal allocation of resources in the presence of incomplete contracts or due to market failure.

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