NNPC eyes over 14% control of downstream retail market
The Nigerian National Petroleum Corporation says it is set to go beyond the 14 per cent local market share it currently holds in the country’s downstream retail business.
To achieve this target, the Corporation said it has expanded its retail outlets, especially in the South-West.
“For example, we have the newly constructed ultra-modern mega station along the Lagos-Ibadan Expressway,” the Group Managing Director, NNPC, Dr. Maikanti Baru, said during NNPC Day at the 2018 Lagos International Trade Fair.
He said the ongoing transformation is not limited to the downstream sector of the NNPC operations, adding that: “In fact, we have already kick-started the process of rebranding some critical midstream entities Nigeria Gas Company (NGC), Nigerian Gas Marketing Company (NGMC), Nigerian Gas Processing and Transportation Company (NGPTC), and Gas and Power Investment Company (GPIC), among
“As with the downstream, we are not only creating new logos for these companies, we are repositioning them all for global competitiveness in line with the 12 Business Focus Areas of our administration.”
Baru, who was represented by the Chief Operating Officer, NNPC Downstream, Ikem Obi, said all the planned activities would invariably impact positively on the Nigerian economy in view of the role of the oil and gas industry as the number one foreign exchange earner for the country.
Considering the importance of its role, the NNPC GMD said the Corporation would continue to improve on its systems, processes and procedures in order to effectively add value to the exploitation of hydrocarbon resources in Nigeria. “This way, we believe, we would be more competitive in the global oil and gas market,” he stressed.
According to him, the NNPC will collaborate with investment promotion bodies, such as the Lagos Chamber of Commerce and Industry, which shares its vision of being a catalyst for economic growth in our dear nation.
Baru stated: “As many of us are aware, NNPC performs an important role in the management of the Nigerian national economy. For this reason alone, it is imperative that the corporation seeks to continue to create value addition by increasing its competitiveness in the global marketplace.
“Consequently, in the last couple of years NNPC has engaged itself in a process of transformation. Part of this transformation includes the creation and rebranding of the corporation’s Downstream entities. Some of the rebranded entities are the Petroleum Products Marketing Company (PPMC), the Nigerian Pipelines and Storage Company (NPSC), NNPC Retail and NNPC Shipping.”
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