The Nigerian National Petroleum Corporation (NNPC) has announced that it will declare its first profit to Nigerians as it prepares to release its 2020 financial statements in the third quarter of this year.
This is coming at a time the Federal Government is planning to commercialize and privatize the operations of NNPC for better efficiency and to put it on a bigger global stage.
This was disclosed by the Group Managing Director of NNPC, Mele Kyari, while delivering an address at the opening ceremony of the Nigeria Annual International Conference and Exhibition organized by the Society of Petroleum Engineers, on Monday in Lagos.
What the Group Managing Director of NNPC is saying
Kyari said, “Everything we are doing must align with the wider national interest. And therefore, NNPC, being the representatives of all of us and, is, of course, a very potential global player – this is our ambition and we are getting there.
“And I can tell you, within the next month or two maximum, we will publish our statement of accounts for 2020. And I can also confirm to you that for the first time in our history, we will declare profit to the Nigerian people.”
Kyari said the state oil giant is expected to play a key role in the global transition to low carbon energy in the near future. He pointed out, “Our tremendous natural gas reserves have become our greatest enabler to smooth transition to low carbon energy. We are deepening natural gas utilisation under the national gas expansion plan to earn more carbon credits and create a net zero carbon environment in line with our drive to becoming an energy company of global excellence.’’