89 countries with best oil governance in the world (See where Nigeria ranks)

Natural Resource Governance Institute (NRGI), has unveiled the 2017 Resource Governance Index. The index includes new assessments of oil, gas and mining governance in 81 countries.

It comprises primary research on value realization and revenue management, and draws on existing research to paint a picture of countries’ enabling environments for governance.

The assessments take into account laws and practices concerning licensing, taxation, state-owned enterprises, sovereign wealth funds, subnational revenue sharing, national budgeting, local impacts of extraction

, and more.

According to the NGRI, Nigeria has ranked 55th out of 89 countries in the governance of oil resources, the 2017 Resource Governance Index’ (RGI) released on Wednesday, June 28.

NGRI Index

However, licensing remains the weakest link in Nigeria’s oil and gas value chain, the new report said, placing Nigeria 77th among 89 countries in licensing assessments.