NNPC ready to stimulate Nigeria’s economy, says GMD

A KPMG report describes the NNPC as a cesspool of monumental corruption

NNPC is strategic to Nigeria’s vision of becoming one of the world’s top 20 economies. 

The Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Andrew Yakubu, said the company is ready to stimulate massive industrialization of the country through the domestic gas utilization programme that is already in place.

Mr. Yakubu said the NNPC is committed to increasing the supply of natural gas for domestic use. He said this would drive rapid economic growth and national development.

The commission boss said Nigeria’s abundant gas resources can help realise and sustain national power supply. He added that an increase in gas utilization and supply to light industries and plants-such as cement, fertilizer, and petrochemical plants- and domestic users, would support economic growth.

To help the drive to achieve the country’s strategic economic objectives, Mr. Yakubu said NNPC is committed to transparency and accountability at all levels. The GMD says his management is pursuing a new agenda to reposition the company for more efficient performance.

“NNPC must be commercially focused and aligned with the Nigerian economic growth aspirations,” he said. “We must therefore raise our operational and financial standards to enable us operate competitively in the entire oil and gas value chain within and outside Nigeria.”

The Vice President, Namadi Sambo, implored the GMD to run the NNPC transparently. He said the Corporation is the Federal Government’s most strategic agency in its aspiration to make the country’s economy, one of the world’s top 20.

Governor Emmanuel Uduaghan of Delta State assured the management of the NNPC of the support of the Governors Forum to reposition the oil industry, describing the petroleum sector as the backbone of the Nigerian economy.

The Minister of Water Resources, Sarah Ochekpe, urged President Goodluck Jonathan to find a lasting solution to the lingering challenges in the country’s oil and gas sector.

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