Nigeria state oil company makes very first earnings in 44 years

Nigeria state oil firm makes first profit in 44 years

Nigeria state oil company makes very first earnings in 44 years

President Muhammadu Buhari, who is likewise the senior petroleum minister, stated this remained in line with the “prudent management of resources”.

The 2020 earnings of the Nigerian National Petroleum Company (NNPC was taped as $700m (₤ 509m.

In previous years it has actually made big losses.

It’s not yet clear why the NNPC earned a profit in 2015 at a time when Nigeria’s oil-dependent economy was ravaged due to the fact that of a sharp crash in international oil costs triggered by the covid-19 pandemic.

President Buhari’s statement comes as his federal government is preparing to dissolve the NNPC to lead the way for the facility of an independent and commercially driven business to change it.

Nigeria state oil company makes very first earnings in 44 years