₦airaland Forum

The World Bank wednesday said it was impressed
with the reforms initiated by the Minister of State
for Petroleum Resources and Group Managing
Director of the Nigerian National Petroleum
Corporation (NNPC), Dr. Ibe Kachikwu, at the state-
run oil company in order to reposition it into a
profit yielding entity.
The bank also commended Kachikwu for bringing
transparency and accountability to NNPC and
Nigeria’s oil and gas sector.
A statement from the Group General Manager,
Public Affairs of NNPC, Mallam Garuba Deen
Muhammad, in Abuja contained this development.
According to the statement Managing Director of
the bank, Sir Mulyani Indrawati, said this when she
paid an official visit to Kachikwu in his office in
Abuja.
According to Indrawati, the ‘20 fixes’ introduced by
Kachikwu to the NNPC business models have gone
a long way to reform the corporation for
profitability.
She said the bank was ready and available to offer
the ministry of petroleum resources technical
support, advice and funding.
She stressed that adoption of sound policy thrusts
was key in the areas of fiscal direction, gas flare
out and gas to power for Nigeria.
The statement also quoted Kachikwu to have said
that since he assumed duty in August 2015, he had
introduced lots of reforms ranging from the first
phase of restructuring and the recent restructuring
which served as enablers for the introduction of new
business models that have drastically reduced the
losses recorded by the NNPC in the past.
“We first started with the softer issues which were
transparency issues, governance, restructuring and
that was going well when we went straight into the
business model.
“For example, when we came in, the NNPC was
recording huge losses and we have been able to
reverse that trend and if we continue with that sort
of trajectory then we should be able to record profit
in the near future,” said Kachikwu.
He added that a lot of institutional framework
restructuring are still ongoing in all the parastatals
under his watch.
According to him: “Infrastructure is the toughest
gap as a lot of depots and pipelines need urgent
attention and you need infrastructure, be it in the
upstream and downstream sector, for you to deliver
results but we will continue to throw solutions at
them and try to get private sector participation.”
He said: “The other tough gap is the funding. Just
sheer funding of the upstream joint venture cash
calls demands a lot of money and we are not
pretending about it. Again, the President has
travelled from point to point and a lot of people
have offered to support.”
Kachikwu urged the World Bank to offer support in
the area of institutional framework and training for
the ministry and NNPC, adding that the training
would provide the necessary skill sets that are
required to grow Nigeria’s oil and gas industry.
NNPC through the “20-fixes” which are however
embedded in five cardinal business objectives that
it intends to pursue, plans to amongst other
initiatives, attain zero tolerance for corruption,
restructure its major subsidiaries as well as
enhance probity in its operations across board.
Also to be done within the initiative are, reduction
and audit of running costs; restructuring of
corporate centres and staff; renegotiation of existing
contracts including Production Sharing Contracts
(PSC); streamlining of subsidy management as well
as improve security of the country’s critical
petroleum pipelines.
The corporation will also restructure its refining
business; improve on its use of information
technology for its businesses and demand for
topnotch service performance from all its staff in
the ‘20 fixes’



www.thisdaylive.com/index.php/2016/04/28/world-bank-gives-kachikwu-thumbs-up-on-nnpc-reforms/

Reforms without sufficient fuel for the masses?
Good morning Nairalanders, Have you blamed GEJ today?

''...the bank is ready to offer the ministry of petroleum resources technical support, advice and funding...'' we are technically waiting to buy 1 litre of fuel for N65.

Whats with world bank and this sycophancy of late. Or is this one of the usual media shenanigan of APC to cajole the sentience of their zombie supporters.

Next story please

Minister bling bling shades keep on pushing. You will soon shame your critics.

Thumbs up Ibe kachukwu cos you reformed the price of PMS from 87naira to 400naira... That's a great achievement..

I tire for dis kind reform were dey wear uniform oh, Fuel here we no see buy, Abeg if na like dis reform dey always dey, we no want am again

O ye shidren of hate, kachikwu is getting commendation from those that once said we can't do it.
What sayeth thou?

Sounds like our great great great grandchildren debt just got approved.

am i supposed to thumbs up for him too?
i think i should cause they (ministers) needs encouragement but then again "who am i kidding"? noh be him work to make nnpc a better body



thumbs up Kachi

Wetin concern world bank with Kachi? Yeye dey smell

Bitterleafsoup:
Sounds like our great great great grandchildren debt just got approved.

That's good

The Jagaban must hear this.

they should rest joor. wetin him do....we dey see am buy? abi na so them reform their own

Until we see the results of the reforms.

Reforms with acute shortage of PMS cross the country

Chai, this government is a real ONE-CHANCE.

Thumbs up to Kachikwu

Sometimes I laugh in real Swahili... hihihi!
Nigerians are queing all day for fuel for months and some people outside Nigeria are giving award and recognition to the man who is supposed to provide fuel. Is that how it happens abroad/ Who supposed give award self? Nigerians or outsiders?

SamuelAnyawu:
Reforms without sufficient fuel for the masses?
Good morning Nairalanders, Have you blamed GEJ today?

Wailer be quiet please!

Una era of corruption and impunity is over!!

Where are those people that keep saying this Kachicken is not the Min of Petroleum?

By the way this World Bank must be full of imbecilles.

nothing like thumbs up, until I see fuel,

let's hear from tinubu

blackpanda:
[s]Wailer be quiet please!

Una era of corruption and impunity is over[/s]!!

Chai...

What is more than corruption and impunity to officially fix pump price of petrol at N86.5/L and it sells for as much as N400/L across the country. Height of corruption and insensitivity by the clueless government. - SMH

thumbs up when queue refuses to abate in our nnpc stations

As though we care.

They can keep their commendation to themselves- we have eyes and minds of our own and can can assess things for ourselves. We don't need their approval to validate the performance of any of our ministers or our economy.

Just look how the Wailers Broilers wanna kill themselves over this.

Don't envy these guys' lives at all.

amiibaby:
That's good

Better days ahead

Those elements that enjoys every form of failure from Nigeria won't like ds. Nigeria s bigger Dan everyone

SamuelAnyawu:
Reforms without sufficient fuel for the masses?
Good morning Nairalanders, Have you blamed GEJ today?

When you will not go to school.

Read again.

Not every post is IPOB vs Nigeria.

In Ipob,Ipod,IPad,Massob,jobless PDP youth voice....World Bank Is a SCAM.....

Kachikwu is trying but the markerters are trying to sabotage his efforts.

Which reform?

K