The Group Chief Executive Officer of NNPC Ltd., Mele Kyari, has reaffirmed that the Company has put in place a solid plan to ensure an adequate supply of petroleum products, particularly Premium Motor Spirit (PMS), commonly known as petrol, that will last beyond the ember months and the new year celebrations.
During a courtesy visit to the Senate President, Senator Godswill Akpabio, at the National Assembly in Abuja, Kyari emphasized NNPC’s commitment to guaranteeing Nigeria’s energy security, which is pivotal to national stability. He assured that the Company has strategized to forestall any shortages in the supply of petroleum products throughout this period.
In a statement released by NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, Kyari expressed gratitude to the National Assembly for its role in the enactment of the Petroleum Industry Act (PIA) 2021. He highlighted that this legislation has given rise to a new commercially oriented National Oil Company (NOC) operating under the principles of the Company & Allied Matters Act (CAMA).
Furthermore, Kyari cited the significant improvement in NNPC Ltd’s profitability margins since the passage of the PIA 2021, with the company’s profits soaring from a loss of N803 billion in 2018 to a robust profit of N674 billion in 2021. Looking ahead, he articulated the company’s target to further elevate its profitability to N2 trillion once the 2022 Audited Financial Statements (AFS) are unveiled. Notably, NNPC Ltd. has commenced paying dividends to its shareholders since July of this year.
In addition to its enhanced financial performance, NNPC Ltd. remains a key player in Nigeria’s oil and gas domain, controlling approximately 30% of the nation’s petroleum downstream retail market. Kyari also underscored the ongoing challenges posed by crude oil theft and pipeline vandalism while highlighting NNPC Ltd’s collaborative efforts with security services and third-party security contractors, resulting in heightened crude oil production.
Addressing the Senate President, Kyari outlined NNPC Ltd’s investments in various gas and power projects across the country. These initiatives are aimed at bolstering the Federal Government’s objectives in power generation and industrialization.
Kyari assured the Senate President of NNPC Ltd’s unwavering commitment to revamping local petroleum refining and fostering collaboration with indigenous refiners to position Nigeria as a net exporter of petroleum products.
In response, the Senate President, Godswill Akpabio, pledged the 10th Senate’s support, acknowledging NNPC’s proactive measures to ensure a robust supply of petroleum products during the forthcoming festive season and beyond. He commended the rehabilitation of the nation’s three refineries, emphasizing the positive impact such efforts will have on Nigeria’s economy in line with the current administration’s Renewed Hope Agenda.
