Nigerian National Petroleum Corp. is being broken up into dozens of distinct companies, according to a UPI report.
“For the first time, we are unbundling the subset of the Nigerian National Petroleum Corp. to 30 independent companies with their own managing directors,” Nigerian Petroleum Minister and Managing Director of the Nigerian National Petroleum Corp. Emmanuel Kachikwu said.
The International Monetary Fund warned that the impact of lower oil prices was adding to pressure from an economy in need of deep structural reforms. From the pressure of oil prices alone, the government’s deficit doubled to 3% of the gross domestic product last year. Gene Leon, IMF director for Nigeria, said exports dropped last year by 30% and the economy slowed from 6.3% in 2014 to 2.8% last year.