NNPCL Generates N4.5 Trillion in Revenue for Nigeria in 2023

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, revealed that the company has generated N4.5 trillion in revenue for the federation as of October 2023. Kyari shared this update during an interactive session with the Senate Committee on Finance in Abuja. He expressed optimism about the future, citing the positive impact of reforms outlined in the Petroleum Industry Act (PIA) on the oil sector. According to Kyari, these reforms have positioned the company on par with global peers.

Addressing the committee, Kyari highlighted the significance of conducting business transparently and profitably, in alignment with legal provisions. The NNPC Limited, established by the National Assembly, aims to create value for shareholders, avoid financial losses, and consistently contribute dividends to shareholders. Kyari conveyed the company’s commitment to delivering on its mandate through the PIA reforms, emphasizing the transformation that has enabled it to compete effectively on a global scale.

Kyari reported that the NNPC Ltd had been expanding its business operations, aligning with the growth trajectory observed in most National Oil Companies in Africa. He anticipates a more investment-driven sector as issues related to wide margins in exchange rates and import-export windows are addressed. Kyari highlighted the necessity for narrowing the gap between parallel markets and import-export windows to foster stability, allowing businesses to thrive.

The NNPC CEO expressed confidence that by the end of the first quarter of the following year, the margins would narrow, stability would be achieved, and increased participation from other entities in the market would be observed. This optimistic outlook is rooted in the company’s commitment to adhering to global best practices and leveraging the PIA reforms for enhanced competitiveness and profitability.

Source: Daily Trust