Nnpc reports monthly profit n274 million first time 15 years
That's a significant achievement! Here's a breakdown of the news:
NNPC Reports N274 Billion Profit, First Time in 15 Years
The Nigerian National Petroleum Corporation (NNPC) has announced a profit of N274 billion (approximately $750 million USD) for the month of January, marking the first time the corporation has reported a profit in 15 years.
This remarkable turnaround is attributed to a combination of factors, including:
- Improved crude oil prices: The global crude oil price has been on an upward trend, which has increased the revenue generated by NNPC's crude oil sales.
- Increased revenue from gas sales: The corporation has also seen a significant increase in revenue from the sale of natural gas, which has contributed to the overall profit.
- Cost-cutting measures: NNPC has implemented various cost-cutting measures, including reducing its operating expenses and optimizing its operations, which has helped to boost profitability.
This development is a significant milestone for NNPC, as it marks a departure from the corporation's history of losses. The profit is expected to have a positive impact on the Nigerian economy, as it will contribute to the country's revenue and help to stabilize the national budget.
The NNPC's profit is also expected to have a positive impact on the country's foreign exchange reserves, which have been under pressure in recent times. The corporation's profit will help to boost the reserves and support the country's economic growth.
Overall, this news is a welcome development for Nigeria, and it highlights the corporation's efforts to improve its operations and increase its profitability.