NEO-LIBERALISM AND THE PROCESS OF OIL SECTOR IN THE NIGERIA’S FOURTH REPUBLIC

Abstract

Nigeria’s oil and gas are crucial resources from which the economy draws its strength for sustainable growth and development. The oil and gas sector since the beginning of the Fourth Republic has been taken through series of neoliberal reforms with a view to addressing crises bedevilling the sector in Nigeria’s economy. The study specifically examined politics of neoliberalism in the oil sector of Nigeria's Fourth Republic. The study was guided by dependency theory. While relying on descriptive and exploratory research designs, the study adopted Mixed Methods Research (MMR) – a triangulation of both quantitative and qualitative methods. Instruments of questionnaire and Key Informant Interviews were used to collect both quantitative and qualitative data respectively. Quantitative data analysis was done using simple percentage, while thematic analysis was used for qualitative data. Research findings established that the major interest driving energy policy making under neoliberalism is market forces and the corresponding drive for primitive capitalaccumulation at both local and international levels. The study concluded by expressing pessimism about the future of oil and gas sector under the current administration. Hence, recommendations of the paper mainly include south-south cooperation and state-led approach for sustainable development of the Nigeria’s economy.