HighlightOil & Gas

NNPCL GCEO Kyari Hinges Wealth Creation on Energy Security

1k

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, says no public wealth creation endeavour can achieve any meaningful success without energy security.

The GCEO stated this in a presentation at the Ministry of Finance Incorporated (MOFI) Public Wealth Management Conference, which was held in Abuja on Tuesday.

He noted that all other wealth-creating activities, such as agriculture, rely heavily on one form of energy or the other to thrive.

“If you don’t have energy, you don’t have agriculture. You can do all the agriculture, but you can’t take it to the market; you may not be able to preserve it; you can’t even export it.

“So, all those indices are clearly connected to the ability to create energy,” Kyari said in a statement by Mr Olufemi Soneye, the company’s Chief Corporate Communications Officer.

He disclosed that Nigeria has a huge energy deficit, with about 70% of the population lacking access to clean cooking fuel and over 50% lacking access to electricity.

He listed some of the impediments to the achievement of energy security in Nigeria, including a lack of investment in the energy sector due to uncertainty in the business environment and multiple taxes.

According to him, in the last 10 years, less than 3% of the total investment flow into Africa came into Nigeria.

He, however, assured that NNPC Ltd. was working hard to lay the foundation for sustainable wealth creation by filling the energy deficit gap.

Kyari also stressed that the company’s growth trajectory from a loss position of N803bn in 2018 to N2.5trn in 2022 was a testimony to the abundant potential of NNPC Ltd. to lead the process of wealth creation in the country.

The NNPCL boss said that despite the challenges, NNPC Ltd. is still the highest tax-paying corporate entity in Nigeria.

Leave a comment

Related Articles

Rodri Brushes Off Vinicius, Real Madrid at Ballon d’Or ceremony

Recently crowned 2024 Ballon d’Or winner Rodri has downplayed the absence of...

Super Eagles Land in Abidjan, Gear Up for Benin Republic Clash

The Nigerian national football team, the Super Eagles, has arrived in Abidjan,...

Nigeria signs $1.2bln deal with CNCEC to revive aluminium smelter

Nigeria has taken a significant step towards reviving its dormant aluminium smelter...

VP Shettima Arrives in Benin City for Edo Governor’s Inauguration

Vice President Kashim Shettima has arrived in Benin City, Edo State capital,...

Breaking: Powerful explosion rocks Jos, many people feared dead

A devastating explosion shook the city of Jos on Tuesday morning, sending...

NNPC Ltd. boss, Mele Kyari, thrashes allegation of sabotaging Dangote Refinery as baseless

Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National...

Infanticide: US places $25,000 bounty on fleeing Nigerian parent

The United States of America has offered a $25,000 reward for anyone...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

NNPC Ltd. Unveils Plan to Resolve Nigeria’s Energy Trilemma

Nigerian National Petroleum Company Limited (NNPC Ltd) Group CEO, Mr. Mele Kyari,...

Breaking: IPMAN Secures Direct Supply Deal with Dangote Refinery, Promises Steady, Affordable Fuel Nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a landmark...

“Operation Sweep”, FCT demolition squad, faces backlash from residents, Wike reacts

The recent demolition exercise by “Operation Sweep”, a task force set up...

Nov. 16 Ondo guber poll: Sensitive election materials arrive

Ahead of the Saturday, October 16 governorship poll in Ondo State, sensitive...

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

Vandals destroy TCN towers, disrupt power supply in Abuja

The Transmission Company of Nigeria (TCN) has reported a fresh attack on...

Amid opposition, Kano Rep. Jibrin promises to push Tinubu’s tax reform bills through in NASS

In spite of growing opposition to President Bola Tinubu’s controversial tax reform...

FCT Police bust notorious car theft syndicate, arrest suspect, recover 3 vehicles

The Federal Capital Territory (FCT) Police has confirmed the arrest of a...

Osimhen’s Brace Powers Galatasaray to 3-2 Win Over Samsunspor

Nigerian striker Victor Osimhen led Galatasaray to a thrilling 3-2 victory over...

Amotekun, Vigilante groups barred from Ondo gov. election – IGP Egbetokun

The Inspector-General of Police Kayode Egbetokun has banned Amotekun, Vigilante Groups, and...

NPA firefighters extinguish APMT crane fire, no fatalities recorded

The Nigerian Ports Authority (NPA) firefighters, with assistance from other sister agencies,...

Nigeria’s Okonjo-Iweala set to serve second term as WTO DG unopposed

The World Trade Organization (WTO) has confirmed that Dr. Ngozi Okonjo-Iweala will...