How Nigeria Earned Over $1 Billion From Gas Sale In 2022

By Tolulope Oke

The Nigerian National Petroleum Company Ltd.’s (NNPC) Group Managing Director (GMD), Mele Kyari, stated on Thursday that Nigeria has already received nearly $1 billion from Portugal from the sale of natural gas in 2022 alone.

Kyari made this statement as President Muhammadu Buhari was in Portugal for the 2nd UN Ocean Conference and leading a high-level delegation of Nigerian businesspeople to the Nigeria-Portugal Business & Trade Forum.

The NNPC has often neglected to transfer funds to the federation account, blaming fuel subsidies, at the time of Kyari’s statement. The corporation, which has neglected to deposit money into the federation’s account for five months running, is currently recording a loss of around N704 billion for the year.

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However, the NNPC GMD said, “”This year alone, we have sold over a billion dollar worth of natural gas to Portugal,” with zero dollar remitted to yhe federation account.

He added by noting that there are many potential to enhance Portugal’s energy supply and that Nigeria has made investments in vital infrastructure to assure local gas availability and boost gas delivery to the global market.

Also, he emphasized the long-standing energy connection between the two nations, pointing out that Nigeria supplies 70% of the European country’s energy imports.