NNPCL, MOFI Partner to Boost Nigeria’s Petroleum Sector, Drive Economic Growth

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Nigerian National Petroleum Company Limited (NNPCL) has provided the Ministry of Finance Incorporated (MOFI) with a comprehensive update on its latest developments, focusing on operations and investments. The briefing, led by NNPCL’s Group Chief Executive Officer (GCEO), Mr. Mele Kyari, covered key innovations and strategic initiatives aimed at optimizing assets, ensuring operational sustainability, and achieving core targets.

For further information, read more details here

A statement from MOFI confirmed that the discussions centered around enhancing the efficiency of NNPCL’s operations while aligning with the Federal Government’s broader economic and financial objectives. “Some recent developments in NNPCL’s operations were central to the presentation. These include the restart of operations in Warri and Port Harcourt refineries, the Naira payment of crude for local refineries, and major competition issues as it pertains the Dangote Refinery,” the statement read.

MOFI expects that as NNPCL’s local refining resuscitation efforts and market competition strategy continue, “sustaining the gains and improving performance will be key.” The engagement is part of MOFI’s supervisory role over its portfolio companies, ensuring they operate effectively and contribute to national economic growth.

As one of MOFI’s key portfolio companies, NNPCL’s operational review was presented to MOFI’s Board and Management as part of ongoing oversight efforts. MOFI’s mandate includes optimizing the Federal Government’s assets through structured supervision, ensuring portfolio companies remain focused on their strategic goals.

Through sustained monitoring, “MOFI provides strategic guidance to its companies, helping them maintain steady growth in line with the Federal Government’s economic vision.” During the meeting, both organizations pledged their commitment to working together to achieve the objectives set by President Bola Tinubu’s administration for MOFI and NNPCL.

The collaboration is expected to strengthen Nigeria’s petroleum sector, drive efficiency, and enhance the economic value of national assets. The MOFI delegation, led by its Board Chairman, Dr. Shamsuddeen Usman, and the Managing Director and Chief Executive Officer, Dr. Armstrong Takang, demonstrated MOFI’s determination to ensure that government-owned enterprises maximize their potential and deliver value to the nation

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.