Nigeria’s President Muhammadu Buhari announced Tuesday that the National Oil Corporation will from now on operate as a fully commercial company without any government interference or funding.
The Nigerian National Petroleum Corporation Limited was unveiled in the capital, Abuja, a year after Bukhari signed the oil sector law, with the aim of reforming the sector in the country.
“We are in the process of transforming our oil industry to enhance its capacity and alignment in the market with current and future global energy priorities,” Bukhari said.
He considered that “an independent and commercial national oil company that operates without relying on government funding” will attract foreign investments to the oil sector.
The company is registered as a limited company but is still owned by the state.
It retains the same name as its predecessor, which was established in 1977 at the height of the first oil boom. Nigeria, a member of the Organization of Petroleum Exporting Countries (OPEC), has attracted a small share of global oil investment.
Its oil sector is in trouble amid accusations of corruption, inefficiency, high production costs and security concerns.
Minister of State for Petroleum Resources Timbera Silva says that had Nigeria passed the new oil law earlier, it would have been able to attract nearly $50 billion in foreign investment.
#Nigerian #Petroleum #Corporation #government #control