The legal sustainability of energy substitution in Nigeria’s electric power sector: renewable energy as alternative

Self Cite

Insolvency and business recovery laws in Nigeria have not evolved to incorporate reorganisation, reforming insolvent oil firms' operations to boost commercial oil firms' steadiness and economic suitability like other moderately developed countries. In Nigeria, liquidation is understood by many as the panacea to indebtedness. The research evaluates the Nigerian insolvency and business recovery legal regime to sustain indebted oil firms from economic shocks due to the global decline in the oil price to avert imminent business failures due to insufficient cash flows. The aim is to fill the gaps in Nigeria's insolvency and business recovery laws by recommending a model for the sustenance of oil firms and to suggest the reform of the gaps identified in the existing laws and the extant literature on the subject. The paper opted for conceptual legal review, comparative legal and policies analyses of solvency and business recovery legislations in Nigeria, Malaysia, India, South Africa, the United Kingdom and the United States. These nations were designated for this study because their insolvency and business recovery legal regime are business rescued driven, not winding up centred. The study is library researchbased to address some of the flaws in Nigeria's insolvency and business recovery laws. The study finds that Nigerian legislation on insolvency is flawed in oil firms' salvage, improvement and rearrangement. It ends that, statutory bodies in the designated case study nations are efficient than those in Nigeria due to the strong political will of their governments in supporting insolvent oil firms for successful financial recovery, to safeguard jobs, to protect creditors and to enhance the wealth of their nations through sound business recovery policies and laws. The study, advocates, remodel of Nigeria's insolvency and business recovery legislations and policies in compliance with the international standards on insolvent oil firms salvaged and creditors focused policies for a robust economy. The study concludes with the recommendation for further study to consider quantitative analysis research methodology to project further scholarship on the subject.

Section: Conclusion and Policy Implicationsmentioning

confidence: 99%

Combating insolvency and business recovery problems in the oil industry: proposal for improvement in Nigeria's insolvency and bankruptcy legal framework

Olujobi

2021

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“…Despite the contemporary trend on utilising alternative energy sources and the underplay of fossil fuel, the government is taken various measures to efficiently tackle these challenges via the deregulation model ( Olujobi et al., 2020 ). It is anticipated that the government will utilise her oil revenues for substantial growth of the nation by eliminating subsidies expenditures which gives room for corruption in the industry ( Olujobi, 2020 , Olujobi, 2020 , Olujobi, 2020 ). To combat fuel scarcity in Nigeria, the Federal Government initiated Modular oil refinery projects and other private partnership projects, for instance, the evolving private refineries schemes such as the Dangote Refinery and Petrochemical firm, Lekki Free Zone, Lagos State and Azikel Refinery in Bayelsa State to boost indigenous refining of crude oil with the capacity of 445,000 barrels per day to tackle fuel shortage in the country but these undertakings have not yielded the desired results yet ( KPMG, 2019 ).…”

Section: Literature Reviewmentioning

confidence: 99%

“…There is the need for speedy legislative enactment of the pendent Petroleum Industry Governance Bill, 2017 and total deregulation of the sector to inspire private financiers' initiatives and terminate subsidy payments regime as another source of fraud country. The downstream oil industry laws reform is long overdue to end inefficiency, ineffectiveness and corruption for sustainable national development in the sector ( Olujobi, 2020 , Olujobi, 2020 , Olujobi, 2020 ).…”

Section: Legislations and Regulatory Authorities Controlling The Downstream Oil Industrymentioning

confidence: 99%

“…Nigeria is categorised as Africa's continent leading crude oil producer, but the nation relies on importing refined petroleum commodities for its citizens' consumption as its four petroleum refineries have not been functioning optimally for years. Though diesel and kerosene values had been deregulated, a subsidy that was intended makes the price of fuel cheap and accessible in all fuel stations to her citizens have created avenues for corruption, thus impeded the country's economic growth and development ( Olujobi, 2020 , Olujobi, 2020 , Olujobi, 2020 ).…”

Section: Introductionmentioning

confidence: 99%

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Deregulation of the downstream petroleum industry: An overview of the legal quandaries and proposal for improvement in Nigeria

Olujobi

2021

Self Cite

The study investigates the necessity for deregulation of the downstream petroleum sector to tackles shortfalls and to enhance quantities of petroleum commodities in Nigeria. The objective is to boost proficiency in the industry via governance, statutory transformations and vigorous business competition by learning from other advanced countries' skills to transform and fortify the downstream oil industry laws. The study embraces a conceptual legal approach utilising existing literature to aid a doctrinal legal study technique. The research also utilizes primary and secondary founts of legislations, such as, constitutional and case laws. The finding of the research is the absolute authority of the government in the industry and incongruous valuing of oil commodities which made the industry unappealing to financiers to found private refineries that will ensure adequate supply of petroleum and reasonable profits on their investments owing to excessive regulation of the industry by the government. The study designed a model to halt continuous increment in the fuel price and to ensure efficient downstream petroleum industry. The study concludes with the recommendations, for instance, the necessity of high-tech fusion of policies and encouragements for investment in the downstream to boosts swift enactment of the awaiting Petroleum Industry Governance Bill 2017 and absolute deregulation of the industry to foster private investments and to halt subsidy disbursements being a new fountain of corruption.

“…At the dawn of the 21 st century, Nigeria experienced more private sector and multilateral organization participation in the provision of centralized and decentralized electricity systems [22,23]. Arguably, the decision making culture in the electricity sector is characterized by a network of stakeholders, business interests and legal structures which proves difficult to change [24]. However, how did these changes come about?…”

Section: Introductionmentioning

confidence: 99%

A review of stakeholders and interventions in Nigeria's electricity sector

Edomah¹,

Ndulue²,

Lemaire³

2021

In this paper, we explored the interplay between the electricity market structure, methods of electricity trading and different stakeholder dynamics within the Nigerian Electricity Supply Industry (NESI) with a view to understanding how these interplays impact on various forms of interventions in the Nigerian electricity sector. We started off by exploring the market structure and electricity trading system within the Nigerian electricity sector and reviewed the various stakeholder groups within centralized and decentralized electricity systems in Nigeria's electricity sector by highlighting their core responsibilities and the dynamics at play in satisfying their interests. This study revealed that: (1) external stakeholder groups (such as donor agencies and multi-lateral organizations) exert more influence in Nigeria's electricity sector through financial interventions;(2) lack of coordination and engagement among various stakeholder groups pose a challenge to effective electricity infrastructure interventions that address the needs of people in society. The study concludes by highlighting the implications of these challenges and the need to address the rising complexities and uncertainties for better stakeholder involvement in addressing the salient challenges in the sector.