President Muhammadu Buhari has launched the Nigerian National Petroleum Company (NNPC) Limited.
He said the transformation from a public enterprise to a private company was to strengthen the NNPC’s capacity and market relevance.
“The landmark 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.
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities,” Buhari announced.
The President, who recalled that he was privileged to lead the creation of the Nigerian National Petroleum Corporation in July 1977, said that 44 years later, he was again opportune to sign the Petroleum Industry Act (PIA) in 2021.
Buhari explained that the provisions of PIA 2021 have given the petroleum industry a new impetus, fiscal framework, transparent governance, enhanced regulation, and a commercially-driven independent national oil company.
The President said: “NNPC Limited will .. deliver value to its over 200 million shareholders and the global energy community while adhering to its fundamental corporate values of integrity, excellence, and sustainability.”
