NNPC, Now NNPCL, Nigeria’s national oil company has undergone some rapid and significant metamorphosis in the last three years. Here’s why and these are the structural changes you need to know. Despite the numerous motions to diversify Nigeria’s economy, there has not been a very significant movement away from petroleum as the mainstay. And given that the Nigerian state has been putting its mouth where its money is, the Nigeria National Petroleum Corporation (NNPC) has...
What is the significance or value of having abundant solid mineral resources if Nigeria continues to be ravaged by illegal mining activities, resulting in substantial economic revenue losses, environmental degradation, and the endangerment of lives and property security? In August 2023, four illegal miners were killed following the collapse of a mining site in Kogo Kadage village in the Yadagungume area of Ningi Local Government Area of Bauchi State. Less than 6 months following that...
In a global attempt to phase out fossil fuel, can Nigeria leverage its mineral resources to become a leading advocate for renewable energy, while upholding good climate practice and peace amongst the host communities? On the back of the COP28 Agreement for the world to shift from fossil fuels to renewable energy, it has become necessary to spotlight the mineral resources available in Nigeria that could move the country comfortably from the shackles of fossils...
Despite marginal and sometimes substantial differences between budgeted oil price benchmark and average sales every year, the excess crude account is constantly depleting Every year fiscal benchmarks are set by the Nigerian government, usually for the following budget year and for the succeeding three years in the case of the Medium-Term Framework (MTEF). The benchmarks cover a variety of elements ranging from the anticipated naira to dollar exchange rate, crude oil production in barrels per...
The non-profit said the results of the global assessment testify to NEITI’s diligent commitment to discharging its mandate and called on the federal government to constitute the agency’s board without delay OrderPaper Advocacy Initiative (OAI), a non-governmental orgnisation focused on policy related engagement and intervention, has applauded the Nigeria Extractive Industries Transparency Initiative (NEITI) for scaling through an Extractive Industries Transparency Initiative (EITI) assessment with an impressive score. The OAI is an non-profit that seeks...
The extractive watchdog emphasized that its reports meet the highest global standards of accuracy and objectivity as recently affirmed in a recent global assessment of NEITI The Nigeria Extractive Industries Transparency Initiative (NEITI) has refuted claims that it concealed some information from its 2021 oil and gas industry report. NEITI, in a statement issued on Monday, described the claims as fictitious, and incorrect information from frivolous media reports. The agency emphasised its dedication to transparency...
In the last ten years, Nigeria has been unable to meet its oil production benchmark signifying a pattern of failing in executive planning and legislative approval of the country’s annual budgets Nigeria set its first Medium-Term Expenditure Framework (MTEF) benchmark for crude oil in 2004, which was about 19 years ago. The MTEF provides a framework for Nigeria’s annual budgeting process, including revenue projections and expenditure estimates for a period of three years. It also...
Nigeria’s highly successful scaling of the EITI global assessment is a true testament to NEITI’s hard work Nigeria has successfully scaled through the final global assessment of the Extractive Industries Transparency Initiative (EITI). With high scores reaching 90 on data integrity, comprehensiveness of report, outcomes and impacts, contribution to economic growth and adherence to legal frameworks, Nigeria made an overall score of 72, according to a statement released by the Nigeria Extractive Industries Transparency Initiative...
Crude oil production is a vital aspect of the MTEF benchmarks upon which the government builds revenue prospects to fund service delivery. Nigeria’s crude oil production is pivotal to its economy. With extensive reserves, which are concentrated primarily in the Niger Delta region, the country is one of the largest oil producers in Africa and a key player in the global energy market. Daily crude oil production in Nigeria has historically contributed significantly to...
Artisanal mining of crude oil in the Niger Delta Region verges on criminality. But given the scale of the activity, should the government consider making it a possible avenue for empowerment of the youths? Energy plays an important role in the economy of any nation of the world. It directly and indirectly affects the standard of living of its citizens, the security, transport, growth and development of its society. The world is still largely run...
