The effects of illicit financial flows on oil and gas revenue generation in Nigeria

Abstract

Purpose

The purpose of this study is to determine the extent illicit flows affect the oil and gas revenue generation in Nigeria specifically the activities concerning oil theft.

Design/methodology/approach

A qualitative approach using a systematic quantitative assessment technique was used to select peer-reviewed articles and reports that discussed crude oil theft in Nigeria. This was followed by the use of empirical evidence and content analysis.

Findings

Crude oil theft in Nigeria accounts for 10% of illicit financial flows (IFFs) from Africa annually and this amounts to US$6bn annually.

Research limitations/implications

Oil theft is a new subject area of public policy and academic research; data, secondary literature and peer-reviewed journal articles are limited. This paper was from the public sector perspective only.

Originality/value

This study is one of the few works to highlight the connection between crude oil theft and IFFs.

Citation

Umar, B. and Mohammed, Z. (2021), "The effects of illicit financial flows on oil and gas revenue generation in Nigeria", Journal of Money Laundering Control, Vol. 24 No. 1, pp. 177-186. https://doi.org/10.1108/JMLC-07-2020-0081