The Nigerian National Petroleum Corporation, NNPC,has set its sights on expanding its market share in the country, especially by establishment of additional depots.
Group Managing Director of the state-owned oil firm, Maikanti Baru, expressed the desire of the agency while inaugurating the board of NNPC Retail Limited on Monday in Abuja,
Baru, who charged the members to expand the company’s market share from 13 to 30 percent, stated that building more depots by the corporation was more feasible than acquiring dormant ones.
He noted that the firm’s existing 23 depots nationwide would ease products supply and distribution in the country.
He commended the NNPC Retail for its strong intervention to wet the market at a time when other downstream players were playing underhand games to create artificial scarcity.
The GMD tasked the board to aggressively see to the expansion of the NNPC Retail beyond the shores of Nigeria, saying, “By mid-2019, you should be having plans to go into the sub-region, this board should propel NNPC Retail into a new height.”
On diversification and backward integration, the GMD directed the company to venture into lubricants production, marine and industrial services to boost its revenue profile as it was an line with our quest as an integrated oil company
Responding, Chairman of the board and Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed, said as an NNPC-owned company, the watch word for NNPC Retail should be “efficiency and profitability, especially in a downstream system like ours that is highly competitive”.
He pledged the commitment of the board and management of the company to the attainment of the goals of the corporation.