Data from the National Oil Spill Detection and Response Agency (NOSDRA) reveals that 156 oil spill incidents were reported between September and November 2023, costing the waste of about 2792.51 barrels of crude oil. According to the November report, the spill happened at various oil companies’ facilities, with Total Exploration and Production having reported the most significant spillage at 803.06 barrels of crude oil spilled representing about 72.5% of overall oil spillage, followed by Heritage Energy Operational Service Limited, NNPC Exploration and Production Ltd, Nigerian Agip Oil Company, Midwestern Oil and Gas spilled and Shell Petroleum Development Company (SPDC) with about 233 barrels, 30.5 barrels, 26.43 barrels, 7.26 barrels, and 7 barrels of crude oil respectively. Oil spillage has several devastating impacts on the environment, ecosystems, and the livelihoods of local communities.
December 23, 2023
Nigeria Economic Update (Issue 47)
Related
Nigeria Economic Update (Issue 41)
The
naira continued its downward trajectory in the review week. Specifically, naira
depreciated significantly at the parallel segment by 3.5 percent to a record
low of N440/$ on September 23, 2016. Notably, this was driven by
the worsening liquidity constraints at the interbank market which left the
excess forex demand to be sourced at the parallel market, and thus exerted
downward pressure on the naira. The naira is likely to further
weaken given that most of the liquidity constraints are exogenously determined
and thus forex supply will likely remain subdued by its demand.