Nigerian President Muhammadu Buhari announced Tuesday that the Nigerian state oil company will operate as a full-fledged commercial company, no government interference or fundingone year after the new oil law.
“We are transforming our oil industry to increase its capacity and commercial relevance for the current and future global energy priorities“, the president said, quoted by the news agency France-Presse (AFP).
“The creation of an independent, commercially oriented national oil company that will operate without relying on state funding” will attract more foreign investment, added the head of state during the launch speech of the Nigerian National Petroleum Company (NNPC), which comes a year later. after the approval of the law that governs the industry in the sector.
Nigeria, a country of 215 million people, is the largest oil producer in sub-Saharan Africa, but the sector has a reputation for being corrupt and unproductivewith a decrepit infrastructure after 60 years of operation and attracting little foreign investment despite huge reserves.
The Minister of Petroleum Resources, Timipre Sylva, recently stated that lack of foreign investment Before the approval of the new law of the sector, it cost the country more than 50,000 million dollars (48,000 million euros).
Nigeria currently produces about 1.4 million barrels of oil a day, below its maximum OPEC quota of 1.8 million, due to widespread oil theft, pipeline vandalism and low production capacity.
Revenues from the oil sector account for the bulk of foreign exchange resources and about half of the state budget.
Source: Observadora
