NNPCL pledges increased gas production to strengthen naira



The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari (NNPCL), on Thursday, promised to pump more of Nigeria’s gas into the local and international markets to “bring back prosperity to the country”, as well as help stabilise the naira.

Kyari was addressing journalists after visiting President Bola Tinubu at his Lagos residence where he is observing the Eid-el-Fitr holidays.

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

The CBN had rolled out several circulars and directives, leading to the rebound of the local currency from N1,900/dollar recorded in late February to nearly N1,200/dollar on Thursday at the parallel market.

The naira, which had fallen against the greenback to over N1,500/dollar at the official market, also rose to about N1,230/dollar on Monday.

Kyari said the NNPCL would leverage the favourable prices of its commodities in the international market to shore up the value of the naira further.

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

“It is 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.”


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