Economy
CBN Blames Ageing Pipelines for Oil Revenue Crash
Abuja – The Central Bank of Nigeria (CBN) has attributed a significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies.
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Compliance Institute Admits 1,247 New Members
The Compliance Institute, Nigeria (CIN), has inducted 1,247 compliance professionals into its membership, as regulators and industry leaders renewed calls for stronger ethical leadership and innovation across Nigeria’s public and private institutions. The inductees were admitted at the institute’s Ninth Induction and Investiture Ceremony held on Saturday at the MUSON Centre, Onikan, Lagos, a gathering…
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Nigeria Earns N37.7tn from Crude Oil Exports in Nine Months
Nigeria generated about ₦37.7 trillion from crude oil exports between January and September 2025, underscoring the commodity’s continued dominance in the country’s external trade and foreign exchange earnings. Data from the National Bureau of Statistics (NBS), contained in its Q3 2025 Foreign Trade in Goods Statistics, show that oil export receipts remained largely stable across the first three…
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Lasaco Assurance Gets Approval for N36bn Capital Raise
Lasaco Assurance Plc has obtained shareholders’ approval to raise its share capital to about N36 billion, positioning the insurer to comfortably exceed regulatory thresholds ahead of the insurance industry’s recapitalisation deadline scheduled for July 2026. The approval was granted at an Extraordinary General Meeting of the company held in Lagos, where shareholders endorsed a comprehensive…
The apex bank’s latest economic report revealed a 24.72% drop in oil revenue to N1.30 trillion compared to the second quarter. This shortfall was primarily due to lower receipts from petroleum profit tax and royalties. Furthermore, the revenue significantly missed the quarterly target by 75.39%, largely attributed to frequent shutdowns caused by deteriorating pipelines and installations.
Despite a modest increase in crude oil production, challenges like theft, vandalism, and infrastructure deficits severely impacted Nigeria’s oil revenue performance. The report highlighted that the ageing infrastructure not only reduced efficiency but also hindered the country’s ability to meet its OPEC production quota.
Global factors also contributed to the decline, with the average spot price of Nigeria’s Bonny Light crude falling by 5.45% to $82.23 per barrel during the quarter.
While the oil sector struggled, the Nigerian economy recorded a 3.46% growth in Q3 2024, driven by the non-oil sector. However, the oil sector’s growth slowed to 5.17% year-on-year due to operational inefficiencies and declining crude oil prices.
The fiscal implications were substantial, with federally collected revenue falling short of the budget benchmark. The fiscal deficit, though narrowing compared to the previous quarter, widened significantly relative to the quarterly target, reflecting ongoing fiscal pressures.
The report concluded that Nigeria’s goal of achieving an oil production target of 2 million barrels per day by the end of 2024 remains under threat due to these persistent challenges.