The Nigerian National Petroleum Company Limited (NNPCL) has generated N4.5 trillion as revenue for the federation as of October 2023.
The NNPCL Group Chief Executive Officer, Mele Kyari, made the disclosure at an interactive session with the Senate Committee on Finance in Abuja on Wednesday, December 13, 2023.
Kyari assured of better days were ahead, saying reforms contained in the Petroleum Industry Act (PIA) for the oil sector placed the company at par with its peers across the globe.
He said: “The NNPCL, 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.
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“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, NNPCL is delivering on its mandate through the PIA reforms that has brought us to be at par with our peers, across the globe, and not to lose money anymore.”
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 exchange rate and import and export windows were narrowed.
The NNPCL boss added: “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.”
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