Business
Nigeria Records 4,919 Oil Spills In Six Years – Minister
Minister of Environment, Dr Mohammad Abubakar, has disclosed that Nigeria recorded 4,919 oil spills between 2015 to March 2021 and lost 4.5 trillion barrels of oil to theft in four years.
Abubakar disclosed this on Monday at a Town Hall meeting in Abuja, organised by the Ministry of Information and Culture, on protecting oil and gas infrastructure.
“According to the National Oil Spill Detection Agency (NOSDRA) data, the total number of oil spills recorded from 2015 to March 2021 is 4,919, the number of oil spills cost by collation is 308.
“The operational maintenance is 106, while sabotage is 3,628 and yet to be determined 70, giving the total number of oil spills on the environment to 235,206 barrels of oil. This is very colossal to the environment.
“Nigeria also lost approximately 4.75 trillion on oil activities in the four years between 2015 and 2018, as estimated by the Nigeria Natural Resources Charter.
“Several statistics have emphasised Nigeria as the most notorious country in the world for oil spills, loosing roughly 400,000 barrels per day.
“The second country is followed by Mexico that has reported only 5,000 to 10,000 barrel only per day, thus a difference of about 3,900 per cent.
“Now the environmental effect, which is the major concern of the ministry of environment, is in the loss of revenue.
“Attack on oil facilities has become the innovation that replaced agitations in the Niger Delta region against perceived poor governance and neglect of the area.
“The impacts of vandalism of oil facilities have not only caused pollution of the environment, but had consequences on the local people, the national economy and security,’’ he said.
Abubakar added that the activities that come with oil exploration and exploitation had similarly caused alterations to the environment and some of its effects had either been reduced or prevented.
The minister added that adequate mitigation measures had been taken, including enforcement of relevant laws, regulations and guidelines, such as the Environmental Impact Assessment (EIA) Act.
He said the EIA process ensured that measures were put in place to assist in the reduction of the negative effects and enhancement of the positive effects on the ecology, health and social wellbeing of communities in project areas.
“It is in the light of this fact that over 1,300 oil and gas projects in Nigeria have been subjected to EIA process under the supervision of the ministry’’, he said.
Abubakar further added that the ministry held periodic interactive sessions with oil and gas operators, focused on the continued degradation of the environment, fatalities and loss of revenue, attributable to the regular and incessant vandalism of oil facilities, particularly pipelines.
The minister stressed that the effects of the destruction of oil and gas facilities had caused huge economic losses from pipelines to plant shut downs, as well as loss of biodiversity, habitat and ecological damage.
In addition, the destruction had also caused degradation of soil quality, which drastically reduces soil fertility, thereby, affecting crop yields and food security.
“Also, increase in air pollution and the attendant climate change issues, public health impacts on affected communities, social impacts and loss of livelihood, supremacy among militants, casualties, among others,’’ he said.
Oil pipeline vandalism over the years had been one of the major factors contributing significantly to environmental degradation in the Niger Delta region, which accounts for about 70 to 80 per cent of our oil and gas sector that drives the economy, the minister noted.
He added that the country’s oil and gas production accounts for a great deal of upstream and downstream industrial activities and production frontiers were increasingly moving into deep sea operations.
Similarly, the oil sector accounts for over 90 per cent of Nigeria’s total foreign exchange earnings with the bulk of it coming from the numerous producing fields, located on the land, swamp and offshore environment of the Niger Delta region, Abubakar also noted.
He, therefore, recommended increasing awareness creation on the negative consequences of vandalism of oil facilities and other illegal activities.
Such awareness should also be accompanied by increased sustainable community development programmes for host oil communities, to include skills acquisition, provision of infrastructure and basic amenities, among others, by oil companies and relevant government agencies, Abubakar said.
Business
Private sector gets N2.2tr credit in 30 days — CBN
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.
Business
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