Nigeria state oil firm makes first profit in 44 years
bbc.com
International News
Nigeria’s state oil company has made a profit for the first time in its 44-year history, the government has announced.
President Muhammadu Buhari, who is also the senior petroleum minister, said this was in line with the "prudent management of resources".
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The 2020 profit of the Nigerian National Petroleum Company (NNPC) was recorded as $700m (£509m).
In previous years it has made huge losses.
It’s not yet clear why the NNPC made a profit last year at a time when Nigeria’s oil-dependent economy was devastated because of a sharp crash in global oil prices caused by the covid-19 pandemic.
President Buhari’s announcement comes as his government is planning to disband the NNPC to pave the way for the establishment of an independent and commercially driven company to replace it.
