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Nigeria records 4,919 oil spills in 6 years — Minister

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Minister of Environment Dr Mohammad Abubakar has disclosed that Nigeria l 4,919 oil spills between 2015 to March 2021 and lost 4.5 trillion barrels of oil to theft in four years.

Abubakar disclosed this at a Town Hall meeting in Abuja, organised by the Ministry of Information and Culture, on protecting oil and gas infrastructure.

“According to the National Oil Spill Detection Agency (NOSDRA) data, the total number of oil spills recorded from 2015 to March 2021 is 4,919, the number of oil spills cost by collation is 308.

“The operational maintenance is 106, while sabotage is 3,628 and yet to be determined 70, giving the total number of oil spills on the environment to 235,206 barrels of oil. This is very colossal to the environment.

“Nigeria also lost approximately 4.75 trillion on oil activities in the four years between 2015 and 2018, as estimated by the Nigeria Natural Resources Charter.

“Several statistics have emphasised Nigeria as the most notorious country in the world for oil spills, loosing roughly 400,000 barrels per day.

“The second country is followed by Mexico that has reported only 5,000 to 10,000 barrel only per day, thus a difference of about 3,900 per cent.

“Now the environmental effect, which is the major concern of the ministry of environment, is in the loss of revenue.

“Attack on oil facilities has become the innovation that replaced agitations in the Niger Delta region against  perceived poor governance and neglect of the area.

“The impacts of vandalism of oil facilities have not only caused pollution of the environment, but had consequences on the local people, the national economy and security,’’ he said.

Abubakar added that the activities that come with oil exploration and exploitation had similarly caused alterations to the environment and some of its effects had either been reduced or prevented.

The minister added that adequate mitigation measures had been taken, including enforcement of relevant laws, regulations and guidelines, such as the Environmental Impact Assessment (EIA) Act.

He said the EIA process ensured that measures were put in place to assist in the reduction of the negative effects and enhancement of the positive effects on the ecology, health and social wellbeing of communities in project areas.

“It is in the light of this fact that over 1,300 oil and gas projects in Nigeria have been subjected to EIA process under the supervision of the ministry’’.

Abubakar further added that the ministry held periodic interactive sessions with oil and gas operators, focused on the continued degradation of the environment, fatalities and loss of revenue, attributable to the regular and incessant vandalism of oil facilities, particularly pipelines.

The minister stressed that the effects of the destruction of oil and gas facilities had caused huge economic losses from pipelines to plant shut downs, as well as loss of biodiversity, habitat and ecological damage.

In addition, the destruction had also caused degradation of soil quality, which drastically reduces soil fertility, thereby, affecting crop yields and food security.

“Also, increase in air pollution and the attendant climate change issues, public health impacts on affected communities, social impacts and loss of livelihood, supremacy among militants, casualties, among others,’’ he said.

Oil pipeline vandalism over the years had been one of the major factors contributing significantly to environmental degradation in the Niger Delta region, which accounts for about 70 to 80 per cent of our oil and gas sector that drives the economy, the minister noted.

He added that the country’s oil and gas production accounts for a great deal of upstream and downstream industrial activities and production frontiers were increasingly moving into deep sea operations.

Similarly, the oil sector accounts for over 90 per cent of Nigeria’s total foreign exchange earnings with the bulk of it coming from the numerous producing fields, located on the land, swamp and offshore environment of the Niger Delta region, Abubakar also noted.

He, therefore, recommended increasing awareness creation on the negative consequences of vandalism of oil facilities and other illegal activities.

Such awareness should also be accompanied by increased sustainable community development programmes for host oil communities, to include skills acquisition, provision of infrastructure and basic amenities, among others, by oil companies and relevant government agencies, Abubakar said. (NAN)

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Business & Economy

Tinubu Welcomes Nigeria’s Removal from FATF Grey List, Pledges Continued Financial Reforms

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President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the nation’s economic reform and global credibility drive.

The FATF, the world’s foremost body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday at its plenary session in Paris, France.

The decision formally removes Nigeria from the list of countries under increased monitoring, following the nation’s successful completion of its FATF Action Plan after over two years of sustained reforms and inter-agency coordination.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the development reflects Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

“Rather than treat our placement on the grey list in 2023 as a setback, we saw it as a call to action,” the President said. “This delisting is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

The President credited the achievement to far-reaching legal, institutional, and operational reforms implemented under his administration through the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and other key ministries.

Tinubu commended the Director/CEO of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and professionalism, as well as the contributions of several ministries, agencies, and private sector representatives who participated in the National Task Force on AML/CFT.

He also acknowledged the support of international partners including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance throughout Nigeria’s reform process.

President Tinubu assured that his administration will sustain and deepen the reforms that led to the country’s delisting.

“This is not just a technical accomplishment,” he said. “It marks the beginning of a new chapter in our financial reform agenda as we continue building a system Nigerians and the world can trust.”

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Lagos Tops 2024 State Revenue Ranking with ₦1.26 Trillion — NBS Report

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Lagos State has retained its position as Nigeria’s highest internally generated revenue (IGR) state in 2024, according to a new report released by the National Bureau of Statistics (NBS).

The report, published on Monday via the NBS X handle, revealed that the 36 states and the Federal Capital Territory (FCT) collectively generated ₦3.6 trillion in 2024, marking a 49.7 per cent increase from ₦2.43 trillion recorded in 2023.

Lagos led the chart with ₦1.26 trillion, followed by Rivers with ₦317.3 billion, and the FCT with ₦282.36 billion. Ogun and Enugu States completed the top five with ₦194.93 billion and ₦180.5 billion, respectively.

The bottom five states on the list were Adamawa (₦20.29 billion), Taraba (₦17.46 billion), Kebbi (₦16.97 billion), Ebonyi (₦13.18 billion), and Yobe (₦11.08 billion).

Other states that made the top 10 include Delta (₦157.79 billion), Edo (₦91.15 billion), Akwa Ibom (₦75.77 billion), Kano (₦74.77 billion), and Kaduna (₦71.57 billion).

The NBS noted that the sharp increase in overall IGR reflects growing fiscal efforts by states to boost their internal revenue base amid declining federal allocations.

 

 

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FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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