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NIPCO Plc, a downstream oil and gas company, has recorded a 69 per cent increase in turnover for the fiscal year 2023 compared to the previous year despite facing product and foreign exchange challenges
NIPCO Plc Chairman, Chief Bestman Anekwe, speaking through the Group Executive Director, Corporate Services, Alhaji Aminu Abdulkadir, disclosed this at the company’s 20th Annual General Meeting in Abuja, the firm stated in a statement issued on Sunday.
Anekwe expressed optimism about NIPCO’s future, noting that a remarkable 69 per cent increase in turnover for 2023 was a good pointer to better performance in 2024.
“Our strategic investments are poised to create new pathways for long-term growth,” he said, emphasising the potential of the oil and gas sector to drive economic progress amid the country’s ongoing efforts to curb pipeline vandalism and oil theft.
According to him, NIPCO’s collaboration with the Nigerian National Petroleum Company Limited to establish 35 Compressed Natural Gas stations across the country, catering to over 200,000 vehicles daily, is a remarkable endeavour that will be pursued vigorously.
However, he acknowledged the initiative’s challenges, including significant capital investment and existing infrastructure deficits.
The outlook for 2024 is mixed, with expectations of increased drilling, local petroleum product refining, gas commercialisation, and the completion of the Ajaokuta -Kaduna-Kano Gas Pipeline project, the NIPCO chairman noted.
“These developments are poised to jump-start Nigeria’s economic engine,” he said, as he also highlighted the ongoing security challenges facing the oil and gas industry.
“Our good balance sheet, exemplary service delivery, and dedicated workforce position us for continued success,” Anekwe stated.
He further acknowledged the crucial challenges of product availability and foreign exchange but expressed confidence in the company’s ability to navigate these obstacles.
The chairman commended the management team of NIPCO for their resilience and innovation, adding that “NIPCO Group is in good hands,”
“Together, we will chart a course for resounding growth and success in 2024,” he encouraged the staff and management team.
