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 Dipo Olowookere
The upward trajectory seen at the Nigerian Exchange (NGX) Limited in the past sessions was halted on Thursday as a result of profit-taking in Aradel Holdings, MTN Nigeria, GTCO, and others.
Nigerian stocks were down by 0.43 per cent because of the selling pressure. It was the first loss in 2026 and also the first in 23 trading session. The last time Customs Street ended in red was December 10, 2025.
The decision of investors to trim their exposure to equities contracted the All-Share Index (ASI) by 714.66 points during the session to 166,057.29 points from 166,771.95 points and brought down the market capitalisation by N458 billion to N106.323 trillion from N106.781 trillion.
A look at the sectorial performance indicated that the energy, commodity, and insurance indices were down by 2.21 per cent, 1.14 per cent, and 0.24 per cent, respectively, while the banking, consumer goods, and industrial goods sectors were up by 0.78 per cent, 0.33 per cent, and 0.01 per cent apiece.
Yesterday, investor sentiment was weak after the bourse ended with 26 price gainers and 41 price losers, showing a negative market breadth index.
McNichols declined by 9.99 per cent to trade at N6.58, Caverton crashed by 9.47 per cent to N7.65, Ikeja Hotel collapsed by 9.43 per cent to N35.05, FTN Cocoa dropped 9.38 per cent to sell for N7.05, and Neimeth went down by 8.91 per cent to N9.20.
On the flip side, Nestle Nigeria gained 10.00 per cent to quote at N2,153.80, NCR Nigeria appreciated by 9.97 per cent to N116.90, Jaiz Bank improved by 9.92 per cent to N8.20, Morison Industries rose by 9.90 per cent to N5.66, and Mecure Industries grew by 9.84 per cent to N97.70.
During the session, market participants traded 1.0 billion stocks worth N31.6 billion in 51,227 deals compared with the 761.9 million stocks valued at N29.9 billion transacted in 55,751 deals at midweek, representing a drop in the number of deals by 8.12 per cent, and a surge in the trading volume and value by 31.25 per cent, and 5.69 per cent, respectively.
Sovereign Trust Insurance returned on top of the activity chart with 245.2 million units sold for N798.5 million, Access Holdings traded 78.4 million units worth N1.8 billion, Zenith Bank transacted 72.4 million units for N5.0 billion, Jaiz Bank exchanged 53.7 million units valued at N433.9 million, and Lasaco Assurance traded 53.4 million units worth N135.1 million.
By Adedapo Adesanya
Crude oil was down by around 4 per cent on Thursday after the United States President, Mr Donald Trump, said the crackdown on protesters in Iran was easing, calming concerns over potential military action against the Middle-East country and oil supply disruptions.
Brent crude futures depreciated by $2.76 or 4.15 per cent to $63.76 a barrel and the US West Texas Intermediate (WTI) crude futures fell by $2.83 or 4.56 per cent, to $59.19 a barrel.
President Trump said he had been told that killings during Iran’s crackdown on protests were easing and he believed there was no current plan for large-scale executions, though he warned that the US was still weighing military action against the oil producer, which is a member of the Organisation of the Petroleum Countries (OPEC).
Thousands of people are reported to have been killed in the weeks-long protests, and the American president has vowed to support demonstrators, saying help was “on its way.”
Iran has threatened the US with reprisals were it to be attacked, alongside conciliatory signals, including the suspension of a protester’s execution.
The New York Times reported that many of the US Gulf allies, including several of Iran’s own rivals, have also pushed against a US military intervention, warning that the ripple effects would undermine regional security and damage their reputations as havens for foreign capital.
Regardless, the US withdrew some personnel from military bases in the Middle East, after a senior Iranian official said Iran had told neighbours it would hit American bases if America strikes.
Venezuela has begun reversing oil production cuts made under a US embargo, with crude exports also resuming. The OPEC member’s oil exports fell close to zero in the weeks after the US imposed a blockade on oil shipments in December, with only Chevron exporting crude from its joint ventures with PDVSA under US license.
The embargo left millions of barrels stuck in onshore tanks and vessels. As storage filled, PDVSA was forced to shut wells and order oil production cuts at joint ventures in the country.
With this development, the Venezuelan state oil company is now instructing the joint ventures to resume output from well clusters that were shut.
On the demand side, OPEC said on Wednesday that 2027 oil demand was likely to rise at a similar pace to this year and published data indicating a near balance between supply and demand in 2026, contrasting with other forecasts of a glut.
By Adedapo Adesanya
Nigeria’s crude oil production slipped slightly to 1.422 million barrels per day in December 2025 from 1.436 million barrels per day in November, according to data from the Organisation of Petroleum Exporting Countries (OPEC).
OPEC in its Monthly Oil Market Report (MOMR), quoting primary sources, noted that the oil output was below the 1.5 million barrels per day quota for the nation.
The OPEC data indicate that Nigeria last met its production quota in July 2025, with output remaining below target from August through December.
Quarterly figures reveal a consistent decline across 2025; Q1: 1.468 million barrels per day, Q2: 1.481 million barrels per day, Q3: 1.444 million barrels per day, and 1.42 million barrels per day in Q4.
However, the cartel acknowledged that despite the gradual decrease in oil production, Nigeria’s non-oil sector grew in the second half of last year.
The organisation noted that “Nigeria’s economy showed resilience in 2H25, posting sound growth despite global challenges, as strength in the non-oil economy partly offset slower growth in the oil sector.”
According to the report, cooling inflation, a stronger Naira, lower refined fuel imports, and stronger remittance inflows are improving domestic and external conditions.
“A stronger naira, easing food prices due to the harvest, and a cooling in core inflation also point to gradually fading underlying pressures”, the report noted.
It forecast inflation to decelerate further on the back of past monetary tightening, currency strength, and seasonal harvest effects, though it noted that monetary policy remains restrictive.
“Seasonally adjusted real GDP growth at market prices moderated to stand at 3.9%, y-o-y, in 3Q25, down from 4.2% in 2Q25. Nonetheless, this is still a healthy and robust growth level, supported by strengthening non-oil activity, with growth in that segment rising by 0.3 percentage points to 3.9%, y-o-y. Inflation continued to decelerate in November, with headline CPI falling for an eighth straight month to 14.5%, y-o-y, following 16.1%, y-o-y, in October”.
OPEC, however, stated that while preserving recent disinflation gains is important, the persistently high policy rate – implying real interest rates of around 12% – risks weighing on aggregate demand in the near term.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn