Regulating the Activities of Oil Multinationals in Nigeria: A Case for Self-Regulation?

Abstract

The activities of oil multinational corporations (MNCs) in Nigeria, especially in the oil and gas sector, have come under focus in recent years. The BP oil spill in the Gulf of Mexico in the USA highlighted the negative or unintended consequences of the activities of MNCs. Also, oil MNCs in Nigeria have been at the centre of scandals about poor labour standards, environmental degradation and human rights violations amongst others. Furthermore, the extant state-oriented or command and control regulatory regime has been ineffective. Thus, self-regulation by oil MNCs has risen to help counter these negative consequences. This article contends that the self-regulatory regime is ineffective and advocates for reforms to remedy it.