According to President Muhammadu Buhari, the recently established Nigerian National Petroleum Company Limited (NNPC Limited) would bolster the country’s energy industry and ensure energy security.
In addition to supporting sustainable growth in other areas of the country’s economy as it supplies energy to the rest of the world, Buhari promised during the company’s official debut on Tuesday.
Buhari stated, “We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities,” in a statement by his Special Adviser on Media and Publicity, Femi Adesina.
He asserted that the NNPC Limited will function independently of governmental funding and be exempt from institutional regulations like the Treasury Single Account in order to sustainably provide value to its more than 200 million shareholders and the global energy community (TSA).
Buhari said, “Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.
“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. 44 years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.
“The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.
“It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.
“Coincidentally, I, on the 1st of July 2022 authorized the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil Company today.”
In a similar vein, Mele Kyari, Group Managing Director of NNPC Limited, stated that the organization had adopted a strategic initiative to fulfill the mandate of energy security by implementing a thorough expansion plan to increase its fuel retail presence from 547 to over 1500 outlets within the following six months.
Among other dignitaries, Buhari was escorted to the NNPC Limited launching ceremony at the State House Conference Centre in Abuja by Senate President Ahmad Lawan and House of Representatives Speaker Femi Gbajabiamila.
