Economic and Financial Review


Central Bank of Nigeria


Economic reforms, Downstream petroleum sector, deregulation, oil and gas


The article examines the funding of the Nigerian oil sector considering the special importance to Nigeria and the critical impact Nigeria's oil has on the world economy. Nigeria, currently the seventh largest oil producer in the world has an oil reserves which represent 6 percent of the world's total outside the Middle East. With 4 per cent of total global production, and the fifth-largest oil producer within OPEC, Nigeria is well located relative to the world markets and so attracts buyers from the major world economies. The article then examines how higher prices of Nigeria’s oil affect the global economy; role of oil in the economy; oil sector activities with specific reference to upstream oil activities downstream activities. The article also discusses the issues and concerns determining funding mechanism for oil sector activities as well as the sources of finance for the oil sector which include equity; joint ventures; bilateral agreements and multilateral agencies.

Author Bio

Mr.Greg-Tai Nzekwu is a Senior Economist in the World Bank Office, Abuja.

Publication Title

CBN Economic and Financial Review (EFR)





Recommended Citation

Nzekwu, G. (2004). Funding of oil sector activities in Nigeria. Economic and Financial Review. 42(4), 107-125.

Included in

Economics Commons



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