Nigeria is the largest oil producing in the Sub- Saharan Africa, with 32% and 34.2% of Africa’s oil and gas reserves respectively, the fifty largest exporting countries in the Organisation of Petroleun Exporting Countries (OPEC) and the largest oil exporting country to the US. Like many other oil producing countries, Nigeria has not been spared the agony of recurring conflicts associated with the management of her oil resources. This paper carries out exploratory survey of Nigeria oil and gas industry with focus on the incessant conflicts in the oil producing communities, security, environmental problem, fraud and corruption that are ranking high and serving as impediment to the sector from achieving its operational excellence. Findings in this work revealed that communal conflicts, pipeline vandalization, kidnapping, sabotage, crude oil theft among other militant activities; are all impediment to the economy growth and have posted greater challenges to oil and gas industry; inversely impacting on upsteam and downstream oil production. The terrible sharp as, decline in nation oil proceeds in the recent years coupled with global decline in the oil prices has given a final blow, proved right that much hyped revenue from the famous black gold can no longer sustain Africa’s largest economy. Suggestions are raised for restructuring the nation dwindling oil and gas industry.
Nigeria is the largest oil producing in the Sub- Saharan Africa, with 32% and 34.2% of Africa’s oil and gas reserves respectively, the fifty largest exporting countries in the Organisation of Petroleun Exporting Countries (OPEC) and the largest oil exporting country to the US. Like many other oil producing countries, Nigeria has not been spared the agony of recurring conflicts associated with the management of her oil resources. This paper carries out exploratory survey of Nigeria oil and gas industry with focus on the incessant conflicts in the oil producing communities, security, environmental problem, fraud and corruption that are ranking high and serving as impediment to the sector from achieving its operational excellence. Findings in this work revealed that communal conflicts, pipeline vandalization, kidnapping, sabotage, crude oil theft among other militant activities; are all impediment to the economy growth and have posted greater challenges to oil and gas industry; inversely impacting on upsteam and downstream oil production. The terrible sharp as, decline in nation oil proceeds in the recent years coupled with global decline in the oil prices has given a final blow, proved right that much hyped revenue from the famous black gold can no longer sustain Africa’s largest economy. Suggestions are raised for restructuring the nation dwindling oil and gas industry.