The Nigerian National Petroleum Corporation on Wednesday stated that its ongoing reform was geared towards transforming it from an oil and gas focus company into an integrated energy business with interest in power generation and transmission.
The Group Managing Director, NNPC, Dr. Maikanti Baru, stated this at the 53rd International Conference and Exhibition of the Nigerian Mining and Geosciences Society in Abuja.
He said the corporation had identified opportunities in the power sector and was ready to take advantage of them to transform into a major player in the industry.
Baru explained that the corporation’s decision to diversify into the power sector was hinged on the need to bridge the huge energy gap in the Nigerian market. He said that contrary to the impression that the poor power situation was caused by inadequate gas supply, the real problem was insufficient transmission capacity.
The Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, the NNPC boss stated that the corporation was already working on a project to generate four megawatts of electricity, while also exploring the possibility of investing in the transmission segment of the power sector.