The Nigerian National Petroleum Corporation, NNPC, would target profitability before the end of 2016, a feat that had not been recorded by the state-run oil firm in 20years, the Group Managing Director, Dr. Ibe Kachikwu revealed.
Ibe Kachikwu who doubles as the Minister of State for Petroleum said this would be made possible following the reduction of the average monthly loss from N40 billion to N3 billion as a result of its corporate restructuring,
Speaking during his recent visit to the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa State, the Minister admitted that the entire spectrum of Nigeria’s petroleum industry required strategic intervention.
He said:“Anywhere you look, you see that the oil and gas sector is populated by a need. We have to translate those needs to economic models that are beneficial to the citizenry. The drop in oil price should motivate us into going into parallel income streams.”
He also unveiled plans to carry out infrastructural re-graphing of Nigeria’s petroleum sector, adding that plans were afoot to review Nigeria’s aging pipelines, depots and gas infrastructure and begin the process of replacing them.
