Oil thieves rob Nigeria of $46 billion in 14 years
In 2022, the cases of oil spillage by reported causes totalled 572, out of which 480 were as a result of oil theft and sabotage and 92 by operational issues.
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Troubled oil, gas sector struggles to repay bank loans
The oil and gas sector took a lot of loans that they could not pay back, thereby raising banks’ exposure to non-performing loans (NPLs), a Dataphyte review of financial statements of banks has shown.
High Private Sector Credit to Oil Sector in 7 Years Yielded Low Contribution to GDP
Sectoral allocation review of total credit to the private sector shows that the oil and gas sector has received the highest allocation over the last seven years. However, the sector’s contribution to the GDP did not match the volume of credit received. The sector contributed just 5.5 per cent to the overall GDP output and 7.24 per cent to the GDP growth.
In 2020, Nigerian Oil & Gas Sector Suffered Drop in Revenue by 40%
According to the recently published Nigeria Extractive Industries Transparency Initiative (NEITI) report, the total revenue generated from Nigeria’s oil and gas operations in 2020 was $20.43 billion.
Should the NLNG Supply 100% of its Gas Production to the Domestic Market?
Nigeria would be losing an average of N429.9 billion quarterly in export revenue if the exportation of natural gas in Nigeria is halted.
As NNPC forgave ₦423 billion debt in 2018, PPMC accrues fresh debt worth ₦20.74 billion
PPMC has started piling up debt stock, a year after NNPC forgave ₦423 billion debt
N2P: ₦1.3 Trillion leakage plugged, ASUU seven months long
On today’s N2P, we follow the COVID-19 money trail, plug leaks in Oil & Gas, and justify a $1.2 Billion loan. Elsewhere, students ponder their plight, with no end in sight for the ASUU strike.
Rising bank credit to oil & gas amid diversification plans
With a majority of bank credit going to the oil and gas industry, economic diversification remains an optimistic sentiment. Low credit share to critical economic sectors further challenges the prospect of meaningful growth in Nigeria.
Mismanagement, Not Maximising Benefits Are Issues Facing Nigeria’s Oil and Gas Sector – Expert
A natural resource management expert has identified mismanagement, benefits maximization among issues affecting the oil and gas sector in Nigeria.
Shell, Agip, Mobil and Others Fail to Cleanup Oil Spills in the Niger Delta
Oil money makes the Nigerian government tick and certainly keeps many multinational oil companies in the business. Be sure, crude oil makes the world go round. You can tell Saudi Arabia is currently using the oil power to caution other producers, especially world powers like Russia.