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".
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.
Latest Stories
-
Atta Akyea unenthused with ECG over refusal to release timetable
5 mins -
Bawumia mobbed in Ejisu at John Kumah’s one week funeral observance
15 mins -
We have a stable national grid; outages due to localised faults – ECG
1 hour -
Easter celebration: Ghana AIDS Commission to distribute free condoms in Kwahu
1 hour -
Zeepay secures additional $3m from Verdant Capital Hybrid Fund
2 hours -
Over 70% of power outages were due to planned maintenance works – ECG to PURC
2 hours -
Access Bank partners Horseman Shoes to boost local shoe manufacturing industry
2 hours -
Election 2024: Don’t vote for candidates making empty promises – CDD to Ghanaians
2 hours -
IGP shares Easter safety tips on Adom FM’s ‘Ofie Kwanso’
2 hours -
Ebo Whyte offers fully-funded trip as he unveils new play ‘Dubai or No Sex’
2 hours -
Ancient culture of Anlo Kingdom: Exploring “Torkor Atorlia,” the fifth landing stage’s old ways of punishment
3 hours -
Leaders from Saudi Arabia, Turkey, Botswana, Cameroon and Sierra Leone to lead discussions at Africa Finance Corporation’s (AFC) 4th Country & Stakeholder Symposium
3 hours -
Network International Delivers Strong 2023 Revenue growth at 15% y/y and free cashflow growth of 16% y/y
3 hours -
President Akufo-Addo extends Easter Greetings to Ghanaians, urges safe drive
3 hours -
Government pushes for use of more local materials in housing, other infrastructure projects
4 hours