Mehn, is this country ever gonna be ok?


For decades, Nigeria’s state oil company couldn’t maintain refineries meant to ensure domestic fuel supply, forcing Africa’s biggest producer to rely on imports. Now it wants to build hospitals to attend to the health needs of the country’s more than 200 million people.

The Nigerian National Petroleum Corp. indicated this shift of focus when it announced plans on Tuesday to build health institutions in 12 of the country’s 36 states at the cost of 21 billion naira ($54 million), part of a new package of non-oil investments that also includes housing and power. The hospitals venture is part of its response to the dearth of health facilities in the wake of the coronavirus pandemic.

It’s also among “measures to cope with the boom and bust cycle in the global crude-oil market and to sustain revenue generation,” the company, also known as NNPC, said in a statement.

The oil firm seems to be hinting that it’s learned the lessons taught by the collapse of crude prices caused by loss of demand and the subsequent price war between Saudi Arabia and Russia. With the state overly dependent on oil, for more than 50% of revenue and 90% of export earnings, President Muhammadu Buhari found his budget plans in tatters as oil fell to a 21-year record low in April.

NNPC, which manages Nigeria’s oil interests with international energy companies, has on its own struggled with financial health for more more than 25 years. Apart from frequently missing its capital obligations in joint ventures, it has among the highest oil-production costs globally and has been saddled with cash-guzzling, dilapidated refineries for years.

At the moment, the state producer is struggling to find buyers for its crude despite huge price discounts, with most of Europe, its primary market, only starting to reopen after three months of lockdown to combat the coronavirus. A situation that perhaps spurred more creative thinking at the Nigerian oil behemoth.

“We do have a lot of non-core business that would be expanded through effective collaboration and partnerships with the private sector,” said Roland Ewubare, the company’s chief operating officer for ventures and business development.

Among the new pathways to health unveiled by Group Managing Director Mele Kyari is a plan to trim production cost to $10 per barrel, revamp the refineries for restart in 2023, seek opportunities in power and housing, and, of course, build the hospitals.

https:///3ysyU5kUmb?amp=1

Kasala don burst.

Nigeria is a joke.

When we are serious... we would sell it.

Chai, see insult

Why should that be bloomberg headache?

Are they going to be affected?

That is serious blow to the head

Make NNPC kuku build International Airport for Katsina join self



Naa Goodluck Jonathan I blame

helinues:
Why should that be bloomberg headache?

Are they going to be affected?

Weee

Huge Joke and they want to build Hospital in incompetent Buharis State that has been over run by terrrorist

What else is expected from a body that dictates and runs its own budget as it wishes? NNPC and CBN are perhaps the twin corruption riddled cash cows for successive governments.

One of the failures of this sanctimonious, corruption fighting regime is that the inability to sanctify these institutions but rather watch helplessly of cunningly participate in the bazaar.

Shame.

hahahaha hahahaha hahahaha

It's the normal fill yiur pockets while you can mentality na.. useless people.

helinues:
Why should that be bloomberg headache?

Are they going to be affected?

what's nnpc business with building hospitals in the north with the countries billions.

But normal .. sha paid hacks most defend buhari in senseless ways

Captainrambo2:
what's nnpc business with building hospitals in the north with the countries billions.

But normal .. sha paid hacks most defend buhari in senseless ways

And if they don't build the hospital nko?

Bubu promised but failed to fulfill his One-year One-refinery audio promise despite being the Minister of Petroleum.

The available refineries have been moribund yet NNPC having spent high overhead costs on them with no functional operation is now building hospitals.This an irony can only happen in a nation like Nigeria

helinues:
Why should that be bloomberg headache? Are they going to be affected?

They're simply telling you the cluelessness of this agency called NNPC under the present rudderless government that you support blindly.

Racoon:
They're simply telling you the cluelessness of this agency under the present rudderless government

So about the story of your barrack back then, did Buhari attack you people?

nnpc is lost on what to do

Anoda way to chop and clean mouth. Awon oloribuu

helinues:
Why should that be bloomberg headache?

Are they going to be affected?

They are only trying to help you think and stop being a zombie

helinues:
Why should that be bloomberg headache?

Are they going to be affected?

Guy at least sound well naaaaa
Haba
Ain't you being affected?
Some of you here are just too .........
Kai! Ain't we ashamed of ourselves in this country?
If we refined oil, there'd never been this fraudulent cases in of subsidy from around 1999 till date and I bet you fuel could've been like N50 and may be power wouldn't have been an issue cos we'd have cheap alternatives to PHCN

helinues:
Why should that be bloomberg headache?

Are they going to be affected?

You must be a Yoruba muslim.... Smh

Whats NNPC business with building hospitals in the north when they cant fix the nations refineries.....

I dont blame you though
You cant help your self

And i hope all southern ethnic groups are witnessing what we have in our midst...