In a groundbreaking revelation, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, announced a staggering N4.5 trillion in revenue for the federation as of October 2023. This revelation came to light during an interactive session with the Senate Committee on Finance in Abuja.
Kyari, exuding confidence, emphasized that the future holds even more promise for the NNPCL, attributing this positive outlook to the transformative changes brought about by the Petroleum Industry Act (PIA). These changes have not only propelled the corporation to international standards but have also positioned it competitively against global rivals.
Highlighting a trend observed in many African National Oil Companies, Kyari proudly shared that the NNPCL has been on an upward trajectory, steadily increasing its business operations. This signals a positive shift in the region’s oil and gas landscape.
However, Kyari acknowledged that further growth and increased investment hinge on addressing key challenges. Specifically, he pointed to the critical need for resolving issues related to broad margins in currency rates and streamlining import and export windows within the sector.
“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 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 can deliver N4.5 trillion into the federation account as a company to this country in 2023.”