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- Title
Nigeria: Oil Majors Divestment.
- Abstract
Nigeria's state petroleum authority has proposed that oil and gas giants divesting from the country take responsibility for the costs of environmental damage as a condition for quick approval of their divestment plans. Four multinational oil companies, including Shell and ExxonMobil, have announced plans to divest from 26 oil blocks in Nigeria, pending government approval. However, environmental and human rights activists are urging the Nigerian government to withhold approval unless Shell addresses pollution caused by its activities. President Bola Tinubu's government is also implementing measures to bolster the national oil and gas industry, including a new policy requiring oil producers to sell a share of their crude oil to local refiners before exporting. Additionally, Tinubu has approved $10 billion in new investments over three years in the oil and gas sector.
- Subjects
NIGERIA; SHELL Oil Co.; DISINVESTMENT; EXXON Mobil Corp.; PETROLEUM; GAS industry; HUMAN rights workers; FOSSIL fuels; ENVIRONMENTAL economics
- Publication
Africa Research Bulletin: Economic, Financial & Technical Series, 2024, Vol 61, Issue 4, p24718B
- ISSN
2053-227X
- Publication type
Article
- DOI
10.1111/j.1467-6346.2024.11637.x