Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPC), made a commitment on Thursday to increase Nigeria’s gas supply to both local and international markets, aiming to revive prosperity in the country.
Kyari emphasized that by enhancing gas production, NNPC would contribute to stabilizing the Nigerian currency, the naira.
During a visit to President Bola Tinubu at his Lagos residence, where the President is observing the Eid-el-Fitr holidays, Kyari informed journalists of the corporation’s plans.
The Central Bank of Nigeria (CBN) had implemented various circulars and directives, leading to the recovery of the local currency from N1,900 per dollar in late February to nearly N1,200 per dollar on Thursday in the parallel market.
Kyari stated that NNPC would capitalize on the favorable prices of its commodities in the international market to further bolster the value of the naira.
He elaborated, “This is a task that will be accomplished, and many tangible initiatives will unfold in the coming weeks. It is evident that a significant portion of our exports, which earns foreign currency, is petroleum.”
Kyari expressed confidence in the economic and financial policies put in place by the President and the government, attributing them to the positive changes observed in the currency market.
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