Having examined the concept of sustainability and the various reporting frameworks, it is reasonable and justifiable to be curious as it relates to Nigeria’s oil and gas industry. This piece seeks to break down this relationship with a throwback to where it all started – the history of the black gold in Nigeria. Key facts on Nigeria’s oil and gas Nigeria is a nation rich in natural resources, particularly oil and gas. As of July...
The integration of sustainability into business models across industries is fast becoming a regulatory and compliance issue globally. And in this direction of play, Nigeria is moving along with the trend.
Ever wondered how the Nigerian National Petroleum Corporation Limited (NNPCL) earns and utilizes money and on whose behalf? This piece explores how the state-owned company generates income and makes profits as empowered by the Petroleum Industry Act (PIA) 2021 and how such revenues contribute to Nigeria’s economy. Until the enactment of the Petroleum Industry Act (PIA), 2021, the Nigeria National Petroleum Corporation (NNPC) was a state-owned behemoth that played both regulatory and commercial roles in...
“It is imperative to recognize the effects that fiscal reforms can have on our nation. Our collective commitment to encouraging transparency fostering accountability, and responsible governance is why we are here today.” Deputy Speaker of the House of Representatives, Rep. Benjamin Kalu (APC, Abia) has stressed the need for lawmakers to consistently engage in capacity development concerning fiscal reforms and debt management to be abreast with global best practices to reposition the country’s financial sector....
“We dare say that if this Act had been amended in good time, Nigeria might have been spared the current macroeconomic challenges it found itself grappling with.” The Fiscal Responsibility Commission (FRC) has restated the need for the amendment of the Fiscal Responsibility Act to eliminate the inbuilt limitations within the Act. Executive Chairman, FRC, Victor Muruako, Esq. Made this call on Monday in Abuja at a capacity-building workshop designed for members of the National...
In discussions surrounding the transitioning of the Nigerian National Petroleum Corporation Limited (NNPC) to Nigerian National Petroleum Corporation Limited (NNPCL), misunderstandings persist about its ownership and mode of operations. One of the major misconceptions is whether or not the NNPC is a commercial or private company. Confused about what these terms mean? There is a story about the Akara for 4 the People Company that can help us understand what is important here. In case...
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...
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