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Nigeria's Leader Approves Restructuring of State Oil Company

© AFP 2021 / PIUS UTOMI EKPEI A picture taken on September 16, 2015 shows workers trying to tie a pipe of the first refinery in Nigeria, which was built in 1965 in oil rich Port Harcourt, Rivers State
A picture taken on September 16, 2015 shows workers trying to tie a pipe of the first refinery in Nigeria, which was built in 1965 in oil rich Port Harcourt, Rivers State - Sputnik International
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The president of Africa's biggest oil producer, Nigeria, has approved an initiative to restructure the state-owned Nigerian Petroleum Corporation, media reported.

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MOSCOW (Sputnik) — According to The Financial Times, NNPC Group Managing Director Emmanuel Kachikwu, who is also Nigeria's Petroleum Minister, said Tuesday that the company would be split into five divisions, namely upstream, downstream, refineries, ventures and gas power marketing divisions.

The NNPC managing director said that the company was seeking to stop importing refined petroleum products within the period of 12-18 months.

In February, Kachikwu said that the company was due to become profitable by the end of the year due to the extensive restructuring. In 2015, NNPC recorded losses of $1.34 billion, according to the media outlet.

The restructuring has been expected since President Muhammadu Buhari's election last year. Before assuming office, Buhari pledged to tackle graft that he believed had negatively affected the country's revenues.

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