Introduction
The oil sector of Nigeria stands as the linchpin of the country's economy, accounting for over ninety percent of its currency inflows through the sale of crude oil. With reserves totaling approximately 36 billion barrels, Nigeria has amassed an estimated $600 billion USD since the discovery of oil in commercial quantities in Oloibiri, Bayelsa State, in 1956 (Enuoh, 2019). Major revenue sources in the oil sector include profit taxes, sales, royalties, gas, and rent from industry operators, with three primary business models: Joint Ventures (JVs), Production Sharing Contracts (PSCs), and Service Contracts (SCs) (ibid.). However, beyond its economic significance, Nigeria's oil industry faces persistent criticism due to inadequate environmental management and unethical business practices, particularly concerning the degradation of the natural environment in the Niger Delta (Noah et al., 2021).
Transnational Corporations (TNCs) operating in Nigeria's oil industry have often bee...