Economy
Nigeria’s Gas Flaring Worsens Further as NOSDRA Stops Monitoring, Tracking
By Adedapo Adesanya
Nigeria’s gas flaring continued to worsen as energy companies operating in the country flared 11.315 billion standard cubic feet (SCF) of gas in September 2025, according to latest data released by the Nigerian National Petroleum Corporation (NNPC) Limited, rising by 11.37 per cent compared with 10.431 billion SCF (BSCF) of gas flared in August 2025.
The NNPC in its gas utilisation and flare data for September 2025, also disclosed that the country recorded total gas output of 150.316 billion SCF in the month under review, dropping by 11.48 per cent from 169.819 billion SCF of gas recorded in August 2025, from which 7.53 per cent of the total output was flared.
The continued increase in the percentage volume of gas flared in the country can largely be attributed to the oil spill and gas flare watchdog, National Oil Spill Detection and Response Agency’s (NOSDRA) discontinuation of gas flare monitoring and tracking across the country.
Prior to June 2025, when NOSDRA last published the May 2025 gas flare data, its Gas Flare Tracker was usually published on a monthly basis.
The tracker showed data on the volume and value of gas flared, the volume of carbon dioxide emitted into the environment, the electricity generation potential of the gas flared and the penalties the offending firms were supposed to pay to the government.
Specifically, since NOSDRA stopped tracking and publishing gas flare data collected from oil and gas production sites across the petroleum industry since May 2025, the country had recorded a steady rise in the percentage volume of gas flared.
For instance, the NNPC, in its gas production and gas flare reports, noted that the percentage volume of gas flared by oil and gas firms in May and June 2025 stood at 5.33 per cent and 5.61 per cent of total gas output in their respective months.
In July 2025, the NNPCL reported that 11.636 billion SCF of gas, representing 5.99 per cent of total gas production in the month, was flared; in August 2025, oil firms flared 6.14 per cent of their total gas output, which was 10.431 billion SCF of their total gas output; while in September 2025, the oil firms flared 7.53 per cent of the 150.316 billion SCF of gas produced in the country in the same month.
When contacted on the issue, NOSDRA refused to provide any reason for its decision to discontinue gas flare tracking.
It will be recalled that NOSDRA, had in 2019, announced that it had commenced the real-time tracking and monitoring of gas flaring and oil spillage across the country, with the launch and handover of the environmental monitoring tools, the Oil Spill Monitor and Gas Flare Tracker.
According to NOSDRA, the advantages of the tracker included that the country would have its own gas flare data, would be able to get whatever amount of gas anybody flares into the system, and the companies compelled to pay the correct penalty.
The Gas Flare Tracker was developed for NOSDRA by the Stakeholder Democratic Network, SDN, with funding from the Facility for Oil Sector Transparency and Reform, FOSTER.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
By Adedapo Adesanya
Seven price gainers triggered a 0.73 per cent appreciation in the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, January 13.
The advancers were led by FrieslandCampina Wamco Nigeria Plc, which added N5.06 to its value to close at N75.00 per unit versus the preceding day’s N68.70 per unit, followed by MRS Oil Plc, with a price appreciation of N5.06 to sell at N200.00 per share compared with the previous session’s N194.94 per share, and Air Liquide expanded by N1.00 to settle at N14.00 per unit versus N13.00 per unit.
Further, Food Concepts Plc climbed by 31 Kobo to N3.37 per share from N3.06 per share, IPWA Plc appreciated by 11 Kobo to N1.23 per unit from N1.12 per unit, Geo-Fluids Plc grew by 6 Kobo to N6.90 per share from N6.84 per share, and Acorn Petroleum Plc grew by 1 Kobo to end at N1.29 per unit versus Monday’s closing price of N1.28 per unit.
The gains recorded by these seven securities raised the market capitalisation by N15.95 billion to N2.2 trillion from the preceding session’s N2.184 trillion, and the NASD Unlisted Security Index (NSI) added 26.65 points to close at 3,678.13 points compared to 3,651.48 points.
Business Post reports that three stocks she weight yesterday, with Afriland Properties Plc down by N1.49 to N14.73 per share from N16.22 per share. Central Securities Clearing System (CSCS) Plc went down by 64 Kobo to N40.13 per unit from N40.77 per unit, and UBN Property Plc lost 1 Kobo to close at N2.05 per share versus N2.06 per share.
Yesterday, the number of deals executed soared by 39.6 per cent to 67 deals from 48 deals, the total value of transaction surged by 84.1 per cent to N86.1 million from N46.8 million, while the volume of trades shrank by 59.6 million to 1.6 million units from 4.03 million units.
CSCS Plc was the most active stock by value on a year-to-date basis with 2.0 million units sold for N81.4 million, trailed by MRS Oil Plc with 265,697 units worth N53.1 million, and Geo-Fluids Plc with 6.4 million units traded for N43.4 million.
By volume, Geo-Fluids Plc topped the chart with 6.4 million units valued at N43.4 million, followed by Industrial and General Insurance (IGI) Plc with 3.1 million units transacted for N1.9 million, and CSCS Plc with 2.0 million units valued at N81.4 million.
By Adedapo Adesanya
The value of the Naira further appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, January 13 by N1.80 or 0.13 per cent to N1,419.66/$1 from Monday’s N1,421.46/$1.
This was boosted by an inject of $50 million into the official forex market by the Central Bank of Nigeria (CBN) in an effort to defend the local currency.
At the same spot market, the Nigerian currency improved its rate against the Pound Sterling during the session by N1.86 to close at N1,913.98/£1 versus the previous day’s N1,915.84/£1 and gained N5.09 on the Euro to settle at N1,656.59/€1, in contrast to the N1,661.68/€1 it was transacted a day earlier.
At the parallel market and the GTBank FX counter, the Naira maintained stability against the DOllar yesterday at N1,490/$1 and N1,431/$1, respectively.
Market analysts have noted that proper CBN support, stronger external inflows from foreign portfolio investors (FPIs), improving current account dynamics, and more disciplined FX management will give the Naira stronger footing in the near term, with threats coming from externalities.
Meanwhile, the cryptocurrency market was elevated on Tuesday as US inflation eased and political uncertainty around the Federal Reserve increased demand for non-sovereign assets.
Ease in US inflation data reinforced expectations that the Federal Reserve will continue cutting rates this year. Lower inflation eased pressure on bond yields and improved liquidity conditions, a setup that has historically favored crypto and other risk assets.
Also, reports that the US Justice Department had served grand jury subpoenas on the Federal Reserve earlier this week unsettled markets and weakened the Dollar, boosting the appeal of assets viewed as insulated from central bank risk.
Cardano (ADA) surged by 7.5 per cent to $0.4206, Ethereum (ETH) appreciated by 6.2 per cent to $3,321.77, Dogecoin (DOGE) grew by 5.8 per cent to $0.1472, Ripple (XRP) rose by 3.9 per cent to $2.14, Binance Coin (BNB) expanded by 3.1 per cent to $936.96, Litecoin (LTC) jumped by 3.1 per cent to $78.58, Bitcoin (BTC) increased by 2.9 per cent to $94,662.42, and Solana (SOL) soared by 1.6 per cent to $144.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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