Nigeria’s NNPC turns tide on losses

Nigeria

ABUJA, October 19, 2020 – The Nigerian National Petroleum Corporation (NNPC) has reported dramatically lower losses for 2019 of only NGN 1.7 billion (USD 4.4 million) compared to NGN 803 billion (USD 2.1 billion) in 2018.

NNPC revealed the turnaround – credited to its cost-cutting programme – in audited accounts published late last week.

The accounts also showed a slight fall in revenue to around USD 12 billion for the year.

A report from Bloomberg speculated that thanks to the ongoing cost-cutting measures, the NOC could turn a profit in 2020 despite the global drop in oil demand.

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