Business
See Stolen Crude As Blood Crude – PPMC
The Pipelines and Product Marketing Company (PPMC) has called on the international community to criminalise the buying of stolen Nigerian crude and treat it as “blood crude.’’
The Manager, Public Affairs and External Relations of PPMC, Mr Nasir Imodagbe, made the call in an interview with newsmen on Thursday in Abuja.
He said the move would curb pipeline vandalism in Nigeria.
He added that the international community must collaborate with the Nigerian government to ban the sale of stolen Nigerian crude abroad just like it was done for stolen diamonds from Congo and Sierra Leone.
“You will recall that the international community came hard on stolen diamonds from Sierra Leone and Congo in the past and the diamonds were labelled as ‘blood diamonds.’
“I think the international community needs to also take that kind of stand for stolen Nigerian crude to stop oil theft in the country,’’ he said.
The PPMC official also urged the Federal Government to use diplomatic means to stop the thriving market for stolen Nigerian crude abroad.
“I think the Federal Government needs to utilise all diplomatic means and engage the international community in criminalising the sale of stolen Nigerian crude abroad.
“We need to put in place policies and mechanism that will make the sale of our stolen crude very difficult.’’
Imodagbe said pipeline vandalism posed a big challenge to the operations of the PPMC and the NNPC and affected the supply of petroleum products across the country.
The manager said that the PPMC was already working on a number of measures and intensifying collaboration with security operatives to increase surveillance and stem the vandalism.
He suggested the use of technologically-advanced gadgets, stiff legislation, robust security network and public enlightenment.
The PPMC official stressed the need to upgrade most of the archaic pipeline network in the country in line with international best practices.
He also suggested the use of the Horizontal Directional Drilling (HDD) technology in re-laying some pipelines “since it involves burying the pipelines deeper inside the ground outside the reach of the vandals.’’
He, however, added that the HDD was a capital intensive project that might cost a lot of money to implement.
The PPMC, he said, was already exploring the use of electronic monitoring devices on the pipelines and quick response teams which would attend to distress calls from the control room.
He urged stakeholders in the oil and gas sector to join the government to sensitise host communities to the dangers of pipeline vandalism and oil theft to the environment and the economy.
According to the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, the nation loses about 180,000 barrels of oil per day (bpd) to crude thieves, translating to seven billion dollars annually.
She also said that about five billion dollars was spent on the repairs of vandalised pipelines in 2011.
“About five billion dollars was spent in the last one year (2011) on pipeline repairs, while the amount lost to crude theft was valued at seven billion dollars,’’ she said.
Recently, the Group Managing Director of NNPC, Mr Andrew Yakubu, said that the NNPC recorded 1,498 breaches in its pipelines in the last quarter of 2012.
He said that “between the Atlas Cove and the Mosimi depot, we recorded 181 break points, from Mosimi to Ibadan, we had 421 ruptured points and from Mosimi to Ore, we recorded 50 vandalised points.
“Also, between Ibadan and Ilorin, we had a total of 122 break points.’’
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Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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