In a significant development, the Nigerian National Petroleum Company Limited (NNPCL) has successfully amassed a staggering N4.5 trillion in revenue for the federation within the first ten months of 2023, according to the revelation by Mr. Mele Kyari, the Group Chief Executive Officer.
This notable achievement was unveiled during an interactive session with the Senate Committee on Finance held in Abuja on Wednesday.
Emphasizing the positive trajectory, Kyari assured stakeholders of even brighter prospects ahead.
The transformative reforms embedded in the Petroleum Industry Act (PIA) have positioned the company on par with global peers in the oil sector, setting the stage for sustained success.
Underlining the commitment to transparency and profitability mandated by its creation under the National Assembly, NNPC Limited, as highlighted by Kyari, is dedicated to conducting business in alignment with legal provisions.
The CEO emphasized the need to create value for shareholders, avoid financial losses, and consistently deliver dividends.
Kyari proudly informed the Committee that, as of October, NNPCL had contributed an impressive N4.5 trillion to the federation account, underscoring the company’s pivotal role in supporting the nation’s financial well-being.
A noteworthy shift has occurred in the operations of NNPC Ltd, with the company achieving significant strides in business expansion, mirroring the growth trends observed in other National Oil Companies across Africa.
The implementation of PIA reforms has catalyzed NNPC Ltd’s transformation, aligning its practices with international standards.
Highlighting an essential aspect of the reforms, Kyari touched upon the establishment and functionality of the trading company, a component that had previously languished but is now thriving.
This marks a paradigm shift in NNPC Ltd’s operations, making it more competitive globally.
As Kyari pointed out, the oil sector is poised to become more investment-driven, with a particular focus on addressing challenges related to wide margins in exchange rates and import-export windows.
He acknowledged the existence of parallel markets in every country and emphasized the importance of narrowing the gap between these markets for sustained business growth.
Expressing confidence in the future, Kyari predicted that, by the end of the first quarter of the next year, the margins would narrow, bringing about stability and inviting increased participation in the market.
