Nigerian National Petroleum Corporation (NNPC) is targeting boosting its investment in the downstream sector of the Petroleum industry and improving supply challenges by building more depots across the Country.Speaking yesterday in Abuja at the inauguration of the board of one of its downstream Companies, NNPC Retail Limited, Group Managing Director of the firm, Maikanti Baru, said the addition to the corporation’s existing 23 depots nationwide would ease products supply and distribution in the country.
He expressed optimism of expansion that would increase the company’s market share from 13 to 30 per cent .
They may also venture into lubricants production, marine and industrial services to boost its revenue profile as part of measure to prioritize local content development, Baru stated.
Baru insisted that building more depots by the corporation was more feasible than acquiring dormant ones.
He lauded NNPC Retail for its strong intervention to wet the market at a time when other downstream players were playing underhand games to create artificial scarcity. “By mid-2019, you should be having plans to go into the sub-region, this board should propel NNPC Retail into a new height’,” Baru told the board.
The GMD also tasked the board to aggressively see to the expansion of the NNPC Retail beyond the shores of Nigeria, On diversification and backward integration, the GMD directed the company to venture into lubricants production, marine and industrial services to boost its revenue profile as it was on line with our quest as an integrated oil company.
Chairman of the board and Chief Operating Officer (COO), Gas and Power, NNPC, Saidu Mohammed, said as an NNPC-owned company, the watch word for NNPC Retail should be “efficiency and profitability, especially in a downstream system like ours that is highly competitive”.
He pledged the commitment of the board and management of the company to the attainment of the goals of the corporation.
Managing Director of the Company, Yemi Adetunji, noted that the targets were achievable especially with the support of the board and management of the company.