Nigeria’s state oil company has made a profit for the first time in its 44-year history, the government has announced.
President Muhammadu Buhari, who is also the senior petroleum minister, said this was in line with the "prudent management of resources".
The 2020 profit of the Nigerian National Petroleum Company (NNPC) was recorded as $700m (£509m).
In previous years it has made huge losses.
It’s not yet clear why the NNPC made a profit last year at a time when Nigeria’s oil-dependent economy was devastated because of a sharp crash in global oil prices caused by the covid-19 pandemic.
President Buhari’s announcement comes as his government is planning to disband the NNPC to pave the way for the establishment of an independent and commercially driven company to replace it.
Latest Stories
-
Quincy Jones: His brilliance explained in 10 songs
3 hours -
Nigeria and Britain hail partnership to boost economic ties, security
4 hours -
Chad threatens to withdraw from multinational security force
4 hours -
Cocoa farmers hoard beans in anticipation of price hike, reports Reuters
4 hours -
Boat capsizes off Comoros islands, 25 killed, UN agency says
4 hours -
How are votes counted in the US election?
4 hours -
Mozambique presidential runner-up escapes alleged assassination attempt
4 hours -
Nigerian children who collapsed in court released
5 hours -
Quincy Jones: From ‘street rat’ to music mastermind
5 hours -
Bawumia outlines plans to develop three major railway lines alongside road projects
5 hours -
I want you to be millionaires through my responsible mining policies – Bawumia assures miners
5 hours -
‘Constitution reigns supreme in Ghana’- Declares Attorney General
5 hours -
‘Efua Ghartey’s GBA presidency has a divine touch’, says Attorney General Dame
6 hours -
Esports Ghana: Stakeholders gear up for pivotal meeting in Accra
6 hours -
GPL 2024/25: Legon Cities beat Yong Apostles to record back-to-back wins
6 hours