Economy
Nigeria’s Response to Oil Spills Poor—NNRC
By Adedapo Adesanya
The Nigeria Natural Resource Charter (NNRC) has disclosed that Nigeria is currently suffering from poor response to oil spill and lack of capacity of government’s agencies to tackle environmental issues.
The NNRC said this in a presentation by its Program Coordinator, Ms Tengi George-Ikoli, at a webinar titled Nigerian Oil Spill Detection and Response Agency (NOSDRA) Amendment Bill: Reducing environmental degradation through improved oil spill response.
According to Ms George-Ikoli, NOSDRA, the agency set up to address some of the grave consequences of oil exploitation, which 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 lack of funding and punitive powers.
Ms 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.
In her words, “Oil exploitation is now ongoing in the Lagos-Badagry region and now we have discoveries in the Northern part of Nigeria. All over Nigeria, oil exploitation grows, but we must note that as the benefits grow, the resultant negative externalities grow as well.
“The oil age like the coal age and the stone age will at some point set. States that contributed to the coal age in Nigeria are now left to their devices with the shift to oil. What happens to the Niger Delta region with the shift towards alternative energy sources or to other regions in Nigeria where oil is being exploited? The Niger Delta will be left with its diminished livelihoods, health and environment.
“This is no longer theoretical, as we saw with the COVID-19 health crisis that swept the globe. The Niger Delta concerns were not as high on the priority list. This is the reality that the Niger Delta will face with the zero oil scenario.
“In April 2010, the entire world watched in awe as the 4.9 million barrels of oil spilled into the Gulf of Mexico after an explosion on BP’s Deep-water Horizon drilling rig unfolded. The seriousness of the issue was underlined with the numerous visits of the former United States President, Barack Obama and Congressmen to the spill sites.
“In less than two months after the spill, the American government was able to extract a huge sum of $20 billion from the spiller to mitigate the immediate impact of the spill on the environment.
“However, there were spirited efforts to clean the environment and stronger indications that the $20 billion may only be a preliminary appeasement. What would be and what has been the computation of the penalties for similar spills in Nigeria? Will NOSDRA be able to address similar large scale spills effectively?”
She further called for the speedy passage and assent to the reviewed NOSDRA amendment bill, stating that the bill would ensure that NOSDRA was well equipped to tackle all tiers of oil spillages in the Nigerian environment in line with global best practices.
“As we seek to understand the NOSDRA Amendment bill, President concerns, the address of those concerns, we will encourage the government to collaboratively resolve any outstanding issues to ensure the interests of the Niger Delta people and all other exploited regions are protected,” Ms George-Ikoli appealed.
On his part, Mr Sam Kabari, a Lecturer in Environmental Management and Pollution Control, Nigeria Maritime University, Okerenkoko, Delta State, 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.
He further stated that at present, NOSDRA lacked powers to respond to Tier 3 spills, which is between 250 barrels onshore and 2,500 barrels offshore; was dependent on oil companies for logistics, among others.
Mr Kabari said: “As a nation completely dependent on oil and gas, we need an environmental management umpire. The current regulatory framework restricts NOSDRA from achieving that function. The NOSDRA Amendment Bill will empower NOSDRA to respond to all manners of spills within Nigeria. We have to empower NOSDRA now, or live with pollution even after oil.”
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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