Petroleum Africa
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Monday, July 3, 2017
In the recently released 2017 Resource Governance Index (RGI) put out by the Natural Resource Governance Institute (NRGI), it was revealed that Nigeria ranked 55 out of 81 resource-rich countries in the governance of natural resources. According to the NRGI report, licensing remains the weakest link in Nigeria’s oil and gas value chain, coming in at 77th place in licensing assessments.
The report also said Nigeria’s Excess Crude Account tied for the world’s most poorly governed sovereign wealth fund.
Nigeria was not alone in the bottom half of the chart when it comes to governance on the continent, 21 African nations in the resource report came in below the top 50 of the 81 resource-rich countries reported on. Ghana came in with the best ranking from Africa on the NRGI’s chart at 13 for oil and gas, followed by Tunisia for oil and gas at 26. Africa’s worst ranking in oil and gas governance came from Libya at 87 (some countries were ranked twice, once for minerals and once for petroleum, hence the 87 in an 81-country survey).
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