Gas: NNPCL Unveils Plan To Stabilise Naira

The Nigerian National Petroleum Company Limited (NNPCL) is set to increase its gas output, targeting both local and international markets.

This strategic move is promised to restore economic prosperity and stabilize the national currency, the Naira.

The Group Chief Executive Officer, Mele Kyari, made this commitment on Thursday during a press briefing after his visit to President Bola Tinubu in Lagos, where the President is celebrating the Eid-el-Fitr holidays.

Kyari’s announcement aligns with the Nigerian government’s broader economic strategies, which include bolstering the country’s energy sector to support economic recovery efforts.

“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,” Kyari stated.

This initiative comes at a critical time when Nigeria faces significant economic challenges, highlighted by the fluctuating value of the naira.

Recently, the Central Bank of Nigeria (CBN) issued several directives aimed at strengthening the local currency.

As a result, the naira rebounded from a low of ₦1,900/dollar in late February to nearly ₦1,200/dollar at the parallel market on Thursday.

At the official market, the naira, which had weakened to over ₦1,500/dollar, also saw an improvement, stabilizing at about ₦1,230/dollar on Monday.

Kyari emphasized that the NNPCL would leverage favorable commodity prices on the international market to further shore up the naira’s value.

By increasing gas production, the NNPCL not only aims to meet rising energy demands but also to enhance its contribution to the national economy through increased export revenues.

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.”