Resource Governance: NNPC Latest Profit Announcement, a Welcome Development
27th August 2021 0

The Nigerian National Petroleum Corporation (NNPC) has declared N287 billion profits after tax (PAT) for the year 2020 for the first time in its 44 years of operations. This was as reports from the National Bureau of Statistics (NBS) also indicated a 5.01 percent growth in the nation’s Gross Domestic Product (GDP) figures for the second quarters of 2021; representing the highest growth since the fourth quarter of 2014.

SING Nigeria in line with our advocacy campaign on ensuring equitable and profitable administration of natural resources welcomed the latest announcement from the indigenous apex oil company, which signifies a shift and diversion from the age-long culture of recorded losses from the corporation.

While we hope that the nation would diversify its natural resources explorations activities away from oil to other solid mineral deposits in the interest of robust economic growth, we commend the current handlers and urge the corporation to further strengthen its operations, by blocking loopholes that encourage acts of corruption in the industry sector.

It is also our hope that the reported improved GDP figures would dovetail and reflects in the lives of ordinary Nigerians, with the nation’s current double inflation figures telling hard on the purchasing power of many citizens.

At SING Nigeria, we restate our commitment to partnering with stakeholders towards strengthening our interventions in bids to improve corporate governance and promote public’s understanding of resource management that would bring about greater transparency and accountability.

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