Nigeria’s national oil company, NNPCL, rakes in N4.5 trillion in less than one year—Mele Kyari

The Nigerian National Petroleum Company Limited (NNPCL) has generated N4.5 trillion as revenue for the federation for 2023 as of October, its group chief executive officer, Mele Kyari, has said.

Mr Kyari said this in Abuja on Wednesday at an interactive session with the Senate Committee on Finance.

He assured that better days were ahead as reforms contained in the Petroleum Industry Act (PIA) for the oil sector had placed the company at par with its peers across the globe.

“The NNPC Limited, which is a creation of the National Assembly, requires that we conduct business transparently and profitably in line with provisions of the law.

“And to create value for shareholders, and not to lose money, and also to continue to add value and pay dividends to shareholders.

“I’m glad to inform you, Mr Chairman and Distinguished Senators, that as of October, we are able to deliver N4.5 trillion into the federation account as a company to this country in 2023.

“Every national oil company has a trading company. We have always had one which never worked prior to PIA Implementation.

“Currently, NNPC Ltd is delivering on its mandate through the PIA reforms that have brought us to be at par with our peers across the globe and not to lose money anymore,” he said.

Mr Kyari said the company had been expanding in business like most national oil companies in Africa.

He said the sector would be more investment-driven by the time the issue of wide margins in the exchange rate and import and export windows were narrowed.

“There is always a parallel market in every country. There is also an import and export window in every country, even in the developed world.

“But there is always a narrow gap between the two, and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period of time, then businesses will thrive.

“There is a line of sight around this. I am very confident that by the end of the first quarter of next year, those margins will narrow, and stability will come, and you will see others coming into the market,” he said.

(NAN)