NNPC Retail Makes Profit Of N2Bn – Business News – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

Business News

NNPC Retail Makes Profit Of N2Bn

Published

on

NNPC Retail Makes Profit Of N2Bn

A subsidiary of the Nigerian National Petroleum Corporation is reported to have made a profit of almost N2 billion after taxes last year.

NNPC Retail Managing Director, Adeyemi Adetunji disclosed this at a PENGASSAN delegate conference in Abuja.

READ:  Mimiko Withdraws From Presidential Race, Runs For Senate

Nnpc Retail reported a total profit before tax of N3.2 billion in 2017.

He said the company plans to expand to other West African markets and that it would continue to ensure effective marketing strategies.

READ:  High Oil Prices Benefit No One, Says Russia's Energy minister

NNPC Group Managing Director, Maikanti Baru, said the company will continue to grant the subsidiary a 30 percent market share as it continues to target good customer services and world class business model and performance.

READ:  1.5m Citizens Benefit From Oyo Free Health Programmes – Ajimobi

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Nigeria’s Borrowing Remains Relatively Low At 19% – Minister

Published

on

By

Nigeria's Borrowing Remains Relatively Low At 19% - Minister

Minister of Finance, Zainab Ahmed, has said Nigeria’s borrowing still stands at 19 per cent of the Gross Domestic Product (GDP).  She said this level is low compared to debt levels in Ghana, Brazil, South Africa, Egypt and Angola.

READ:  Non-oil Exporters Advocate Value-addition, Revamped Processes To Check Losses

The minister also said there is no plan to remove fuel subsidy. She said the International Monetary Fund merely advised the federal government to remove fuel subsidy but assured Nigerians fuel subsidy removal plans are not even being considered at this time.

READ:  Pipeline Vandalism: Notorious Kingpin Arrested By Nigeria Navy

On the question of the country’s debt level, the minister said Nigeria’s borrowing is still at 19 per cent of GDP.  She said this is still within the country’s fiscal responsibility act which allows a maximum of 25 per cent of GDP.

READ:  Nigeria's Refineries Performed Below Capacity For Years – NNPC

The minister said Nigeria has the lowest level of borrowing compared to other countries.

Continue Reading

African News

Inflation Nightmare Returns To Haunt Zimbabwe

Published

on

By

Inflation nightmare returns to haunt Zimbabwe

The price of bread almost doubled for Zimbabweans last week, as the inflation nightmare that marked the rule of long-time authoritarian leader, Robert Mugabe, returns to haunt his successor, Emmerson Mnangagwa.

There have been warnings of the mental and physical toll the rampant price increases will have on Zimbabweans after the cost of a loaf of bread basically doubled to three and a half dollars, and a tub of butter shot up to $17 from eight fifty.

READ:  Mimiko Withdraws From Presidential Race, Runs For Senate

Mnangagwa pledged to revive his country’s moribund economy when Mugabe was toppled in 2017 after 37 years in power.

But after the central bank unveiled a new monetary policy in February, introducing a new local currency, prices of goods and services have skyrocketed at rates unseen in a decade.

READ:  Civil Society Organisations Lament Postponement Of Proposed Ogoniland Clean-up

The disparity between the official and parallel market exchange rates has been rapidly widening, triggering price hikes of up to 300 percent.

The chief of the Zimbabweauthoritarian leader, Robert Mugabe, says he is angry at the government for “putting on a brave face and giving the impression that the economy is on a rebound, but on the ground things are going in the opposite direction.”

READ:  Pipeline Vandalism: Notorious Kingpin Arrested By Nigeria Navy

The crisis has brought back memories of a decade ago when hyperinflation peaked at a grotesque 500 billion percent, wiping out the Zimbabwean dollar.

Continue Reading

African News

Inflation Rate Jumps To Almost 67% In Zimbabwe

Published

on

By

Inflation Rate Jumps To Almost 67% In Zimbabwe

Zimbabwe’s statistics agency, said on Monday, year-on-year inflation rate, for March, has spiked, to almost sixty-seven percent under, the new base used to calculate the consumer price index. The agency noted that under the old basing system it used until February this year, the rate had shot up to a hundred sixty-six percent, confirming that Zimbabwe was already in a hyper-inflation environment.

READ:  NNPC Accuses NASS Of Being Unfair

An economist, Steve Hankie, posted on twitter that the actual inflation rate was more than 200%. He said this is the second highest annual inflation rate in the world.

READ:  NLC Strike: No Need For Panic Buying Of PMS – NNPC

Another economist, Kipson Gundani, says the current inflation figures were emanating from confidence deficit bedeviling the economy.

This new inflation rate may not be a shock to Zimbabwean. In 2008, the country’s inflation reached 500 billion percent, rendering the local currency worthless and eroding savings and pensions.

READ:  South Sudan To Resume Pumping Oil Next Month

Continue Reading

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: