Nigerian National Petroleum Corporation (NNPC) aims to boost investment in the country’s downstream oil sector and address the supply challenges being faced in Nigeria by building more oil depots.
NNPC Retail Limited Group Managing Director Maikanti Baru said the additional oil depots would help ease petroleum product supply and distribution in the country. Baru, who spoke in Abuja at the inauguration of the board of one of its downstream companies, said the company currently has 23 oil depots. Baru estimated that this expansion would boost NNPC’s market share from 13% to 30%.
Baru tasked the board to expand beyond Nigeria. He also urged the company to venture into lubricants manufacturing, marine and industrial services to help generate more revenues.
Chairman of the board and Chief Operating Officer (COO), Gas and Power, NNPC, Saidu Mohammed, said as an NNPC-owned company, the watchword for NNPC Retail should be “efficiency and profitability, especially in a downstream system like ours that is highly competitive.”
Managing Director of NNPC Retail Yemi Adetunji said that the targets were achievable especially with support from the board and management.