VenturesNow

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

Click to comment

VenturesNow

IMF mission concludes 4th loan program assessment in Egypt

Published

4 hours ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

VenturesNow

Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

2 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.