Business
‘Oil Firms Spill 3,346 Barrels Of Crude Oil In Eight Months’
Some oil and gas companies operating in the Niger Delta spilled 3,346.94 barrels of crude oil, an equivalent of 532,078 litres, in eight months, from January to August 2020, according to data contained in the National Oil Spill Detection Response Agency (NOSDRA) report.
The agency established by the National Assembly of the Federal Republic of Nigeria Act of 2006 as an institutional framework to co-ordinate the implementation of the National Oil Spill Contingency Plan (NOSCP) for Nigeria, regularly embarks on Joint Investigation Visits (JIVs) and ensures the remediation of impacted sites.
A breakdown showed that the volume of oil spilled in the first eight months of 2020, represented a decline of 82.84 per cent, compared to 19,505.07 barrels of crude oil spilled in the same period in 2019.
The value of crude oil spilled in the first eight months of 2019 stood at $780,202, an equivalent of N288.675million.
For 2019, the series of data from NOSDRA revealed that 28,969.86 barrels of crude oil were spilled by oil and gas companies, valued in monetary terms, at $1.159million, an equivalent of N428.754million.
On a company-by-company basis, the report revealed that Shell Petroleum Development Company (SPDC) recorded the highest spills, with 1,335.05 barrels of crude oil spilled in 17 incidents; followed by ND Western, with 1,280 barrels of crude oil spilled in five incidents.
Others on the list include, Chevron Nigeria Limited, one barrel of crude oil spilled in three incidents; Enageed Resources Limited spilled 15 barrels of crude oil in three incidents; First Hydrocarbon Nigeria spilled 62 barrels of crude oil in six incidents; while Guaranteed Petroleum Limited spilled eight barrels in one incident.
In addition, Heritage Energy Operational Service Limited spilled 264 barrels in five incidents; Midwestern Oil and Gas Corporation spilled 37 barrels of crude oil in three incidents; Nigerian Agip Oil Company (NAOC), 185.17 barrels in 12 incidents and Nigerian Petroleum Development Company (NPDC), two barrels of crude oil spilled in one incident.
The rest are Neconde Energy Limited, 12.58 barrels in one spill; Pan Ocean Corporation Nigeria Limited, 20 barrels of crude oil spilled in one incident; Seplat Petroleum Development Company Limited spilled 85.14 barrels of crude oil six incidents; and Total Upstream Nigeria, 40.01 barrels in two incidents.
Giving a breakdown of oil spill by volume, the report stated that in January, February, March, April and May, 2020, 777.73 barrels, 51 barrels, 46.50 barrels, 586.93 barrels, and 105 barrels of crude oil were spilled, respectively; while 38 barrels, 1,737.77 barrels and 4.01 barrels were spilled in June, July and August, 2020, respectively.
In comparison, 5,325.32 barrels, 4,075.84 barrels, 1,290.16 barrels, 1,273.89 barrels, 1,133.63 barrels, 2,240.95 barrels, 1,997.72 barrels and 2,167.56 barrels of crude oil were spilled in January, February, March, April, May, June, July and August, 2019, respectively.
In an interview, an internationally-renowned Environmental Scientist, Explorer and Educator, Prof. Hilary Inyang, who has led many environmental expeditions globally, said: “It would cost between $1million and $30million to clean up one spill incident, depending on some factors, including location and size of contaminated site.
“It is expected that clean up would cost more in the Niger Delta because most of the spills take place in the swamp not on land. It is not about going to the various locations to clean surface oil. It would cost much money to get to the contaminated sites, engage with communities, do fencing, investigation, hire or procure equipment, technology, recruit and train personnel, carry out the exercise as well as do demobilisation and remediation.”
Specifically, with 66 spill incidents involved in the first eight months of 2020, it was gathered that it would cost at least $66million to clean-up the spills, which translates to N25trillion at the current Exchange rate of N380 per dollar.
Nevertheless, investigations indicate that the outbreak of Coronavirus pandemic has slowed down the pace of clean-up and related activities.
In its latest Oil Spill Data, which attributed many of the incidents to vandalism and oil theft, NOSDRA stated: “In order to ensure that the individuals involved in the remediation of oil spills are not put at risk of Covid-19 infection, SPDC, after due consultation with relevant government regulators is currently restricting its oil spill response activities to only those sites where containment and recovery of oil from new releases is required.
“At sites where containment and recovery has been achieved, but remediation of residual oil impact has not yet been completed, activities have been suspended for the safety of workers and community members. This approach will be reviewed on a regular basis and in consideration of advice from Nigerian and international health officials.”
Explaining the damage of oil spills to the Nigerian economy and the environment, Programme Coordinator of the Nigeria Natural Resource Charter (NNRC), Ms. Tengi George-Ikoli, disclosed that the Niger Delta is currently suffering from poor response to oil spill and lack of capacity of government’s agencies to tackle environmental issues.
She warned that unless issues of environment protection are taken seriously, the Niger Delta might suffer immense negative consequences and abandonment when global attention shifts away from fossil fuel.
George-Ikoli lamented that oil exploitation had always presented a huge negative impact on the ecosystem of the Niger Delta region, giving rise to intense land degradation, rapid agricultural decline, fisheries depletion, rampant and destructive oil spillages, continuous gas flaring and toxic water contamination, among others.
This, she added, had negatively affected the health, environment and livelihoods of the Niger Delta people.
George-Ikoli, also lamented that NOSDRA, the agency set up to address some of the grave consequences of oil exploitation, who is also mandated to respond to oil spills, was currently hampered by an almost debilitating lack of capacity.
She further stated that there is currently poor response to oil spills because of NOSDRA’s lack of capacity, adding, however, that the capacity gaps in NOSDRA were not due to a lack of expertise but instead lack of funding and punitive powers.
Also speaking, a Lecturer in Environmental Management and Pollution Control, Nigeria Maritime University, Okerenkoko, Delta State, Dr Sam Kabari, stated that the country needed a NOSDRA which functions as an environmental regulator in the issuance of guidelines and standards and able to address all manner of spills, noting that at the moment, NOSDRA can only detect oil spills but cannot respond.
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
Business
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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