Business
Oil Production Resumes At Ebendo Field
Production at the onshore Ebendo field in Nigeria has resumed after a damaged pipeline was repaired, Oando Energy Resources said in a statement.
The Tide source said that the 10-inch Kwale-Akri oil pipeline, operated by Nigerian Agip Oil Company, connects the field on Oil Mining Lease 56 to the Brass export terminal.
“The Kwale-Akri pipeline has been fully repaired and has commenced operations with reduced volumes being injected into the pipeline for testing, to ensure full integrity before full volume capacity is attained,” Oando said in a statement.
The field is currently producing about 2,000 barrels per day of oil. A “gradual ramp-up” over the next several weeks will bring output to 4,000 bpd “as full pipeline integrity is confirmed,” Oando said.
Prior to the shutdown, the pipeline was sending 4,600 bpd from two producing assets – Ebendo on OML 56 and the Abo field on OML 125.
The Abo field produces 3,225 bpd into a floating, production, storage and offloading unit and has not been affected by the pipeline disruptions, Oando said.
Nigerian private Energia operates the field with a 55 per cent stake. Oando owns a 42.75 per cent non-operated interest in it.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
