This report provides a comprehensive analysis of the Nigerian oil and gas industry, examining its history, current challenges, and potential solutions. It delves into the impact of International Oil Companies (IOCs), the Nigeria Petroleum Act, and the Nigeria Local Content Development Act. The report identifies key challenges such as corruption, oil theft, government underfunding, inadequate refinery maintenance, and environmental pollution from oil spillage and gas flaring. It explores the factors affecting the industry and their economic consequences, including the impact on health, global warming, and the atmospheric layer. Furthermore, the report offers recommendations to address these issues and improve the industry's sustainability and contribution to the Nigerian economy. The report is well-researched, citing numerous sources to support its findings and recommendations.