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NNPCL to boost Nigeria’s Gas Supply, Stabilise Naira
Business/Economy

NNPCL to boost Nigeria’s Gas Supply, Stabilise Naira

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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has committed to increasing the supply of Nigeria’s gas to both local and international markets with the aim of revitalising the country’s revenue.

Kyari said that by improving gas production, the NNPCL would play its part in stabilising the naira.

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The GCEO NNPCL told journalists after he visited President Bola Ahmed Tinubu at his Lagos residence, where he is observing the Eid Al-Fitr holidays.

“It is also a perfect opportunity to reassure Mr. President that his focus on delivering gas into our markets, both domestic and international, and bringing back prosperity to the country is right on course,” he said.

Kyari stated that the NNPCL would utilise the prices of its commodities on the global market to strengthen the value of the naira further.

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“This is a task that will be delivered, and very many tangible things will unfold in the coming weeks.

“It’s very clear that the majority of our exports that can earn foreign currency is petroleum. There has been a significant improvement in the markets in terms of pricing, and we are also able to establish some level of stability in our projects.

“The combination of this is making additional resources available to our country. And of course, more than anything, there are clear monetary and fiscal policies that the President and this government have put in place that is working and that is bringing about all the changes that you see in the currency market,” Mele Kyari added.

Recall that the Naira has maintained a steady appreciation, gaining 4.55 percent of its value against the dollar on increased dollar supply after the Central Bank of Nigeria (CBN) cleared all foreign exchange (FX) backlog in March 2024.

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