Mar 28, 2017 Last Updated 9:05 AM, Mar 28, 2017

Nigerian state oil broken into 30 pieces

nnpcABN - Nigerian National Petroleum Corporation (NNPC) is to be restructured into 30 “profit-making” companies, the government says.

The loss-making Nigerian state-owned oil company will be unbundled aiming to return to profitability after falling oil prices dented Nigeria’s economy.

Oil Minister Emmanuel Ibe Kachiwu said he expected the company to be making profit by July this year, the first time the company will be in profit since 2001.

The former ExxonMobil official said: “That is just a tip of the iceberg because by the time these 30 companies are unbundled and the managing directors set programmes, you are going to meet us in an active world. It means we are all going to compete, we are going to make these things work.”

As Africa’s biggest oil producer Nigeria has felt the downturn in oil prices more severely than most although Kachikwu said that the NNPC's monthly losses have rapidly declined and now stand at US$15m.

@ABNetworkonline

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