Petroleum Revenue Governance, Environmental Sustainability and Economic Stability in Nigeria: A Mixed-Methods Stakeholder Assessment

Abstract

Petroleum revenue remains central to Nigeria's economy, yet concerns persist regarding its management and implications for environmental sustainability and economic stability. This study examined the relationship between petroleum revenue governance, environmental outcomes, and macroeconomic performance in Nigeria using a convergent mixed-methods design. Quantitative data were obtained from 435 stakeholders across major geopolitical zones, while 45 key informant interviews provided qualitative insights. Descriptive statistics, regression analysis, and thematic analysis were employed. Findings revealed that weaknesses in transparency, accountability, and institutional governance contribute significantly to fiscal instability, inflationary pressures, environmental degradation, gas flaring, and oil spill incidents. Regression results indicated that petroleum revenue governance significantly influences GDP per capita growth (β = 0.38, p < 0.01) and inflation (β = 0.27, p < 0.05). Qualitative evidence further highlighted persistent concerns regarding corruption, weak oversight mechanisms, and inadequate environmental monitoring. The study concludes that strengthening petroleum revenue governance, institutional accountability, and environmental management systems is essential for achieving sustainable development and long-term economic resilience in Nigeria.