The government of Nigeria has disclosed plans to restructure the country’s oil giant in order to move it from a loss-making position to profitability. According to the ‘junior’ oil minister, Dr. Emmanuel Ibe Kachikwu; the state oil giant, the Nigerian Natioanl Petroleum Corporation (NNPC), would be broken up into 30 “profit-making” companies, in order to achieve the desired profitability after years of running at a loss.
As Africa’s biggest oil producer, falling oil prices have affected Nigeria’s economy, the oil minister who also heads the NNPC said monthly losses by the corporation have rapidly declined and now stand at $15m. The NNPC has been long seen as a corruption infested institution that was running at a loss for many years, yet the Buhari-led administration insists it would transform the NNPC into a profitable enterprise. Click here to read more on the story.