Social services provision and stakeholder engagement in the Nigerian informal sector: A systemic concept for transformation and business sustainability

Ufua, Daniel E.; Olujobi, Olusola Joshua; Tahir, Hammad; Okafor, Victoria; Imhonopi, David; Osabuohien, Evans

doi:10.1111/basr.12271

“…The study will also aid lawmakers to make amendments to legislation, regulations, and policies when Nigeria’s Nationally Determined Contributions are not reflected in domestic laws. 73 Given the significance of including Nigeria’s international climate change obligations in domestic legislation like the PIA, regulators in Nigeria would be better prepared to enforce the current laws, rules, and policies and fulfil the country’s international obligations; therefore, in view of the findings above, and in relation to achieving the intendment of the Nigeria’s PIA 2021, this study recommends as follows: The Nigeria’s PIA should be amended to include provisions which cater for the underlisted: petroleum corporations must be compelled to install suitable gas recapturing and/or re-injection facilities, similar to what is performed in developed countries. Gas flaring must also be outrightly prohibited with no exceptions.…”

Section: Discussionmentioning

confidence: 99%

An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward

Borha,

Olujobi

2023

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Background: The study examines the gaps in the provisions of the Petroleum Industry Act (PIA) that could hinder the effective application of the Act in attaining its objectives. The repealed Petroleum Act of 1969 became obsolete and largely incapable of meeting the emerging global best practices in the industry due to inadequate sanctions, failure to address the aspirations of the people of the oil-bearing states, among others. Hence, the need for the PIA of 2021 to overhaul the industry to meet global standards though some controversial provisions that pose challenges to its proper implementation. Methods: The study examines the PIA to identify its prospects, challenges, and the way forward. The methodology the study utilises is doctrinal research with reports from existing literature and tertiary data sources such as newspapers, the Internet, and websites. Pertinent data collected from these sources were theoretically analysed and argued with current literature on the subject. Results: The finding is that the PIA does not make adequate provisions for the energy transition in line with Nigeria’s Nationally Determined Contributions (NDC) under the Paris agreement; the PIA was provided for weak institutions, which translates to weak implementation and enforcement of the law which further widening the gap between the law and reality. Conclusions: The study concluded that, although the Act delivered the much-needed stability in the petroleum industry in Nigeria, there is a need for an overhaul of the Act to further protect the interest of host communities and allow for co-ownership of petroleum resources by the state government.

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“…The study will also aid lawmakers to make amendments to legislation, regulations, and policies when Nigeria's Nationally Determined Contributions are not reflected in domestic laws. 73 Given the significance of including Nigeria's international climate change obligations in domestic legislation like the PIA, regulators in Nigeria would be better prepared to enforce the current laws, rules, and policies and fulfil the country's international obligations; therefore, in view of the findings above, and in relation to achieving the intendment of the Nigeria's PIA 2021, this study recommends as follows: The Nigeria's PIA should be amended to include provisions which cater for the underlisted: a. petroleum corporations must be compelled to install suitable gas recapturing and/or re-injection facilities, similar to what is performed in developed countries. Gas flaring must also be outrightly prohibited with no exceptions.…”

Section: Discussionmentioning

confidence: 99%

An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward

Borha,

Olujobi

2023

View full text Add to dashboard Cite

Background: The study examines the gaps in the provisions of the Petroleum Industry Act (PIA) that could hinder the effective application of the Act in attaining its objectives. The repealed Petroleum Act of 1969 became obsolete and largely incapable of meeting the emerging global best practices in the industry due to inadequate sanctions, failure to address the aspirations of the people of the oil-bearing states, among others. Hence, the need for the PIA of 2021 to overhaul the industry to meet global standards though some controversial provisions that pose challenges to its proper implementation. Methods: The study examines the PIA to identify its prospects, challenges, and the way forward. The methodology the study utilises is doctrinal research with reports from existing literature and tertiary data sources such as newspapers, the Internet, and websites. Pertinent data collected from these sources were theoretically analysed and argued with current literature on the subject. Results: The finding is that the PIA does not make adequate provisions for the energy transition in line with Nigeria’s Nationally Determined Contributions (NDC) under the Paris agreement; the PIA was provided for weak institutions, which translates to weak implementation and enforcement of the law which further widening the gap between the law and reality. Conclusions: The study concluded that, although the Act delivered the much-needed stability in the petroleum industry in Nigeria, there is a need for an overhaul of the Act to further protect the interest of host communities and allow for co-ownership of petroleum resources by the state government.

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“…They argue that through their transformation they are positioned to make better contributions to the national economy. As a result of this, it has been observed that the Nigerian government has on several occasions provided soft loans to finance business transformation and sustainability [ 30 , 31 ].…”

Section: Literature Reviewmentioning

confidence: 99%

National debt management and business sustainability in Africa’s largest economy: A focus on the private sector

Shang,

Okorie,

Hang

et al. 2023

PLoS ONE

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In many developing economies, high and increasing public debt profile constitutes an essential means of financial risk. An appropriate debt management is germane for survival of business and good international reputation though its effect on private sector credit mobilization had been seldomly investigated. This study seeks to know whether strategic debt management approach exacts a significant effect on the Nigerian private sector and Africa at large resulting to higher credit availability for sustainable enterprise establishment. The study used a time-series observation spanning from 1981–2021. The method of data analysis employed the unit root test for stationarity. Johansen cointegration and vector error correction approach. The result of the unit root test indicates the series were all stationary after first difference and thus were integrated of order1. The Johansen cointegration test support the existence of a cointegrating series between the private credit and its determinants. More empirical evidence from the study shows that proper debt management and increase revenue generation through net taxes on products accounted for 0.93 and 1.32% increase in private sector credit mobilization, while total external debt stock was responsible for a significant negative influence of 0.60% on private sector credit mobilization. The study recommends that the government should always be proactive in their strategic and innovative approach to debt management, revenue generation and sources of funds. This will help not only to avoid crowding out of the private sector but will enhance adequate credit mobilization for effective operations of the private sector.

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Social services provision and stakeholder engagement in the Nigerian informal sector: A systemic concept for transformation and business sustainability

Cited by 8 publications

References 69 publications

An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward

An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward

An examination of the Petroleum Industry Act 2021: prospects, challenges, and the way forward

National debt management and business sustainability in Africa’s largest economy: A focus on the private sector

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