Nigeria state oil firm makes first profit in 44 years

Nigeria’s Government has announced that the Nigerian Petroleum Company (NNPC) has made profits for the first time in 44 years.

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The NNPC made a profit of $700m in 2020 as against previous years where it recorded huge losses.

President Muhammadu Buhari announced in a Facebook post that the NNPC’s debt was reduced from N803 Billion in 2018 to N1.7 Billion, leading to the eventual declaration of a net profit of N287 Billion in 2020.

President Buhari said that the generation of profits by the NNPC is “consistent with this administration’s commitment to ensuring prudent management of resources for the Nigerian people from their natural resources”.

In furtherance, President Buhari congratulated the Board, Management and Staff of NNPC and looked forward to them creating a greater value for the Nigerian people.