NIGERIA’S OIL COMPLEX: THE TRAGEDY OF THE COMMONS

Abstract

Nigeria's abundant oil reserves have positioned the nation as a major player in the global energy landscape. However, beneath the surface of this resource wealth lies a complex web of challenges that have garnered international attention. Through an analytical and descriptive approach, this research delves into the multifaceted dynamics of Nigeria's oil industry through the lens of the “tragedy of the commons”. By examining historical, economic, environmental, and social dimensions, this study seeks to unveil the extent to which the “tragedy of the commons” phenomenon operates within Nigeria's oil complex. It explores the consequences of resource mismanagement, environmental degradation, and social inequalities that have emerged as a result. This research aims to contribute to a deeper understanding of the sustainability and governance issues facing one of the world's most oil-rich nations and to provide valuable insights for policymakers, scholars, and stakeholders concerned with the future of Nigeria's oil industry.