Mixed reactions as Nigeria’s state oil firm goes private
For years, the state oil firm has been plagued with bribery scandals and financial transparency issues. Analysts say going commercial could fix these issues
Abuja, Nigeria – After more than half a century in existence as a government monopoly, Nigeria’s oil company, the Nigerian National Petroleum Company (NNPC), is set to open up its capital to private investors.
The move, marked with a launch ceremony on Tuesday, comes after parliament passed a bill last year to unbundle the NNPC and open it up for private sector investment.
“We are transforming our petroleum industry to strengthen its capacity and market relevance for the present and future global energy priorities,” President Muhammadu Buhari, who also doubles as the petroleum minister, said at the ceremony.
For years,...
