Friday, August 12, 2022
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs
No Result
View All Result
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs
No Result
View All Result
The Southern African Times
No Result
View All Result
Home Markets

Nigeria transforms state-run oil corporation into independent firm

by SAT Reporter
July 21, 2022
in Just In, Markets, Nigeria
0
Nigeria transforms state-run oil corporation into independent firm
0
VIEWS

Nigeria has transformed the state-run Nigerian National Petroleum Corporation (NNPC) into an independent and limited liability firm, about 45 years after the creation of the national oil corporation.

The move is part of the ongoing reform of the country’s oil industry, heralded by the Petroleum Industry Act (PIA) signed into law last year by President Muhammadu Buhari.

On Tuesday, Buhari unveiled the new Nigerian National Petroleum Company Limited (NNPC Limited), which replaced the now defunct NNPC, at a ceremony in Abuja, the Nigerian capital.

He said Nigeria is transforming the petroleum industry to strengthen its capacity and market relevance for the present and future global energy priorities.

“This is a landmark event for the Nigerian oil industry,” Buhari said, noting that as a limited liability company, the new NNPC Limited is now mandated by law to ensure that Nigeria’s national energy security is guaranteed.

The new NNPC Limited will operate independently, devoid of bureaucratic tendencies. This, according to industry experts, will boost the new national oil company with increased expectations around active engagement with stakeholders, regulatory compliance, and more significantly, accountability.

Buhari, who also doubles as Nigeria’s minister of petroleum resources, expressed optimism that the NNPC Limited, which he described as “Africa’s largest national oil company,” would further support sustainable growth across other sectors of the economy as it delivers energy to the world.

“Our country places a high premium on creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements,” Buhari said.

According to the Nigerian leader, the provisions of the Petroleum Industry Act give the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent governance, enhanced regulation, and the creation of a commercially-driven and independent national oil company.

The new national oil company, he said, will conduct itself under the best international business practices in transparency, governance, and commercial viability.

Minister of State for Petroleum Resources Timipre Sylva told the ceremony that with the signing of the Petroleum Industry Act, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer “rudderless.”

The Nigerian government has created a more conducive environment for the growth of the oil and gas sector, and addressed legitimate grievances of communities most impacted by extractive industries, the official said.

“While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about 50 billion U.S. dollars worth of investments,” Sylva said, noting that the Nigerian government has finally set all those woes behind, and a clear path for the survival and growth of the petroleum industry has now been created.

Previous Post

UK economic crisis widens with rising inflation and inequality

Next Post

Liquid launches Africa’s first Cyber Security Fusion Centre

SAT Reporter

Related Posts

More African Central Banks Are Exploring Digital Currencies
Finance

More African Central Banks Are Exploring Digital Currencies

by SAT Reporter
August 8, 2022
What is at stake for investors in Kenya’s elections?

What is at stake for investors in Kenya’s elections?

by SAT Reporter
August 8, 2022
Ivory Coast president pardons predecessor Gbagbo to boost “social cohesion”

Ivory Coast president pardons predecessor Gbagbo to boost “social cohesion”

by SAT Reporter
August 8, 2022
Kenya commences shipment of fresh avocados to Chinese market
Business

Kenya commences shipment of fresh avocados to Chinese market

by SAT Reporter
August 3, 2022
US Appoints New Consul General for Lagos
Nigeria

US Appoints New Consul General for Lagos

by SAT Reporter
August 2, 2022
Next Post
Liquid launches Africa’s first Cyber Security Fusion Centre

Liquid launches Africa's first Cyber Security Fusion Centre

Premium Content

‘I am not going anywhere,’ suspended official in South Africa’s ANC says

‘I am not going anywhere,’ suspended official in South Africa’s ANC says

May 8, 2021
South Africa and West Indies hunt first victory in Dubai duel

South Africa and West Indies hunt first victory in Dubai duel

October 26, 2021
IMF, World Bank urged to aid middle-income country debt distress

Sub-Saharan Africa’s economy to grow by 3.4 pct in 2021: IMF

April 16, 2021

Browse by Category

  • African Continental Free Trade Area
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • BOTSWANA
  • Botswana
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Rwanda
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • Zambia
  • ZAMBIA
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa New Africa News african footballer African investments african markets African news African start-up banking Business China Classic Climate change Content currency Explore Bali Finance football Investment Life Style Markets Market Stories Namibia news Oilandgas oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and the world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.

Facebook Twitter Youtube Instagram Rss

Copyright © 2022 The Southern African Times | Powered by The Southern African Times

Privacy Policy

Terms and Conditions

  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?