ALTERNATIVE FRAMEWORK FOR OIL AND GAS FINANCING IN NIGERIA: ISSUES, CHALLENGES AND PROSPECTS

Since the discovery of crude oil in commercial quantity in Nigeria in 1956, the
oil and gas industry has played a towering role in the economy of the country.
The industry by its character and nature is capital intensive and require huge
financing for harnessing the prospects available within the value chain of the
industry. Attracting funds for oil and gas exploration, production and refining
activities remains a daunting challenge even in contemporary times. It is to
this effect, that this paper examines the legal and policy framework for the
financing of oil and gas operational activities in the country with a view to
identifying the issues, challenges and prospects and proffering alternatives
that may be explored in addition to, or as a replacement to the existing
traditional financing models and framework hitherto adopted in the country