– The Nigerian National Petroleum Corporation lost N267 billion over the last twelve months.
– Shocking loss attributed to the refining division of the company.
– News comes amid the ongoing slump in global crude oil prices.
The Nigerian National Petroleum Corporation (NPCC), Africa’s largest producer of crude oil, lost N267 billion ($1.34 billion) last year, dragged down by its refining division.
Sales of N2 trillion naira fell short of expenses of 2.3 trillion naira, the Nigerian National Petroleum Corporation said in a report of unaudited results published on its website Wednesday.
The refining division of the corporation made a loss of N82 billion on revenue of N730 million.
“The NNPC has made these losses consistently, going by past audits,” Dolapo Oni, the Lagos-based head of energy research at Ecobank Transnational Inc., said in an e-mailed response to questions.
“It will take a while to reverse the situation. With lower oil prices the upstream businesses will also face lower revenues and profits.”
Nigeria has been battered by crude prices falling to 12-year lows of around $35 a barrel.
If you want to keep track of the issues and events that will effect the economy and the strength of the Naira, you can read our updates on the price of oil and the Naira – US Dollar exchange rate on the parallel market.If you want a sneak peak, here’s one of our fantastic infographics on the naira and crude oil prices.
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