A downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), NNPC Retail Limited, has been directed to target 30% market share of petroleum products distribution business in Nigeria’s Downstream Petroleum Sector by 2020.
The directive was contained in a statement released on the corporation’s website and signed by its Group Managing Director, Group Public Affairs Division, Ndu Ughamadu.
According to the statement, the NNPC Group Managing Director, Dr. Maikanti Baru, handed down the directive Wednesday in Abuja during the unveiling ceremony of brand new logos for four of its downstream subsidiaries: Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC), NNPC Retail Limited and NNPC Shipping.
The corporation had issued similar statement on May 8, 2018, disclosing that its downstream subsidiary holds 14% of the market share of Nigeria’s products distribution network, adding that the focus of the management of NNPC, as owners of the company, was to ensure that its stations were in every part of the country.
Baru explained that the target would enable efficient products distribution and price stability across every nook and cranny of the nation, even as he added that by that time NNPC Retail Ltd would also extend its businesses to other neighbouring states in the West African sub-region.
“In making the choice to rebrand these entities, we are taking a huge step towards enhancing our corporate reputation, improved profitability, sustainable growth and most importantly, capture a larger share of the market across the entire downstream value-chain,” Baru declared.
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