The Nigerian National Petroleum Company (NNPC) is eyeing more revenue with the implementation of the Petroleum Industry Act (PIA).
Addressing staff of the organisation in a townhall meeting held at NNPC Towers, Abuja, Mele Kyari, the company’s Chief Executive Officer, said the PIA provides enormous business opportunities.
According to the NNPC chief, the business opportunities provided through the PIA would enable the company earn more revenue for the country.
Highlighting the significance of the PIA to the NNPC and by extension the Nigerian economy, Kyari said the new legislation has raised shareholders’ expectations on the company, adding that the act had given the company a wide room to make progress.
“The PIA had put all money-making options on the table; it is up to us to take advantage of it,” Kyari was quoted as saying.
He said as a result of the new legislation, NNPC Ltd would not only shed some of its toxic liabilities but will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.
Kyari asked the employees to ensure that the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders — the over 200 million Nigerians.
What you should know about the PIA
To reform Nigeria’s oil and gas sector, with the aim of creating an environment more conducive for growth of the sector and addressing legitimate grievances of communities most impacted by extractive industries, the federal government introduced the PIA.
The PIA, which was recently assented and signed into law by President Muhammadu Buhari to repeal the extant Petroleum Act 2004, has created an array of provisions and innovations that would affect the private, public sector and stakeholders in the oil and gas industry.
Amongst other things, the act was enacted to provide for the legal, governance, the regulatory, and fiscal framework for the Nigerian Petroleum Industry, the establishment, and development of host communities and other related matters in the upstream, midstream and downstream sectors of the petroleum industry.