7 March 2018

Nigeria: Why Nigeria Must Be Free From Vagaries of Oil Instability, By NNPC Boss

The Nigerian National Petroleum Corporation (NNPC) yesterday restated the need for the country to become free from the volatility and shocks in the oil and gas industry and focus on a holistic economy reality.

Group Managing Director of the corporation Maikanti Baru, who spoke at the 39th Kaduna International Trade Fair in Kaduna, where the group emerged overall winner for best participant, said diversification of the nation's country must remain a priority.

According to him, the corporation is committed to the economic diversification programme of the Federal Government.

He said it was imperative to intensify and support the Federal Government's economic diversification programmme to put the economy on growth path.

Baru stressed that focusing on commerce; industry and agriculture would have a greater impact than oil.

He said: "These sectors can engage more people in productive activities compared to oil and gas which despite its significance, accounts for only 12.7 per cent of the country's Gross Domestic Product (GDP)."

The corporation, which returned to the fair after a two-year absence, beat Dangote Industries and the Nigerian Ports Authority to second and third positions respectively to clinch the top prize at the 10-day event.

Meanwhile, the NNPC yesterday said it recorded a total export receipts of $476.25 million in December, 2017 from the sale of crude oil and gas.

The figure saw a significant increase against the $201.11 million, which was recorded in November of the same year.

Quoting its monthly Financial and Operations Report for December 2017, released yesterday, NNPC said while receipts from crude oil amounted to $342.16 million, gas and miscellaneous receipts accounted for $94.85 million and $39.24 million respectively.

Also, the Department of Petroleum Resources (DPR) yesterday sealed up 48 filling stations in Oyo, Adamawa and Taraba states for selling petrol above N145 per litre.

Some of the affected filling stations were caught dispensing fuel between N165 and N180.

Nigeria

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