The chief executive also assured that Nigeria would see better times in the oil and gas industry as recent policy reforms are realised through the NNPCL
The Nigerian National Petroleum Company Limited (NNPCL) has declared that it remitted N4.5 trillion generated revenue as at October this year into the federation’ account.
The state oil company further asserted that prosperity is imminent for the country because itself and other significant players in the oil industry are strategically capitalising on indicators and parameters that point in that direction.
The company’s Group Chief Executive Officer, Mele Kyari, made submissions on Wednesday during a meeting with the Senate Committee on Finance at the National Assembly.
Mr. Kyari gave the committee the assurance that NNPCL and by extension, Nigeria, would see better times because reforms spurred by the Petroleum Industry Act (PIA), 2021, have raised NNPCL to the level of its international competitors.
He said: “The NNPC Limited that is a creation of the National Assembly, requires that we conduct business transparently and provitably in line with provisions of the law and to create value for shareholders, and not to lose money, and also to continue to add value and pay dividends to shareholders.
“I am glad to inform you Mr. Chairman and Distinguished Senators that as at October we are able to deliver N4.5 trillion Naira into the federation account as a company to this country in 2023.
“Every national oil company has a trading company. We have always had one which never worked prior to PIA Implementation. Currently NNPC Ltd is delivering on its mandate through the PIA reforms that has brought us to be at par with our peers, across the globe, and not to lose money anymore.”
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According to him, the industry will see increased investment as long as the problems of wide exchange rate margins and constrained import and export windows are narrowed.
He further stated that NNPCL is currently the most transparent national oil company in Africa and is growing in business.
“There is always a parallel market in every country. There is also an import and export window in every country, even in the developed world. But there is always a narrow gap between the two and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period of time, then businesses will thrive.
“There is a line of sight around this. I am very confident that by the end of the first quarter of next year, those margins will narrow and stability will come and you will see others coming into the market,” he said.
