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Nigeria lost N335m to oil spill between January and August 2023— Report

Published

1 year ago

September 7, 2023

The latest data from Nigeria’s National Oil Spill Detection and Response Agency (NOSDRA) has shown that the country lost about N335m to oil spills between January and August 2023.

According to NOSDRA, the worst-affected state by oil spills was Rivers State, where 2,780 barrels of crude oil were spilt in 67 incidents. Delta was next, with 2,623 barrels of crude oil spilled in 76 incidents, followed by Edo, Imo, Bayelsa, and Akwa Ibom, which recorded spill volumes of 70.04 barrels, 22.30 barrels, 18.39 barrels, and 1.06 barrels, respectively.

According to the data, there were 168 occurrences of oil spills against domestic oil businesses in the past eight months, costing the nation a loss of 5,520 barrels of crude oil. About 3,113 barrels of crude oil were spilled from crude oil pipelines in 114 spill incidents, which made up the majority of the incidents.

Based on the average price of crude oil during that time, which was $82 per barrel, and the Central Bank of Nigeria’s currency rate of N740 to $1, the country’s projected loss due to the oil spill during that time was N335 million.

Heirs Holding Oil and Gas Limited spilled 128.10 barrels of crude oil in six separate incidents; Seplat Petroleum Development Company spilled 104.88 barrels in seven separate incidents; National Petroleum Development Company spilled 92.33 barrels in sixteen separate incidents, and Enageed Resources Limited harmed the environment by releasing 72 barrels of crude oil into the environment in three separate incidents.

Oil was first discovered in Nigeria in 1956, and exploration has led to multiple environmental issues. NOSDRA documented 9828 oil spills between 2011 to 2021. In 2020 and 2021 alone, oil spill totalled 28,003 barrels of oil in the oil-rich Niger Delta region.

The environmental situation has put several oil multinationals at loggerheads with host communities. Notably, Ogoniland with 261 communities spread over nearly 1,000sq km, and considered to be the epicentre of environmental hazards in the oil-rich region.

Related Topics:Featured Nigeria oil spillage

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”