NNPC to invest in telecoms, shipping sectors

By Richards Adeniyi

The Nigerian National Petroleum Corporation, NNPC, on Wednesday said it would invest in the telecommunications and shipping sectors.

A statement released by the Group General Manager , Group Public Affairs Division , NNPC, Ndu Ughamadu, stated that the NNPC already had investments in the health sector, adding that its desire to expand to other sectors was due to the volatility in crude oil prices in the international market.

The corporation also said it desires to seek a fortune in non-core oil industry so as to stay afloat.

The national oil firm, the statement noted, had also established contacts with some Chinese investors to work with it in research and development ventures.

Babatunde Adeniran, the Chief Operating Officer, NNPC Ventures, was quoted as noting that the response from the Chinese prospects had been favourable, adding that apart from the Chinese who were being invited to partner the NNPC in research and development, the corporation had also sent invitations to American investors.

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Mr. Adeniran lamented that there had been low investments in research and development in sub – Sahara Africa, necessitating the corporation’s commitment to key in so as to maximise available opportunities in the sub-sector.

Other non-core oil and gas sectors that were of interest to the NNPC are healthcare, shipping and telecommunications, the statement said.

“The NNPC Medical is already talking to top class medical centres across the world for partnership. Billions of dollars go into medical tourism in Nigeria yearly,” Mr. Adeniran said.

“The NNPC is poised to take advantage of the gaps in health care delivery in Nigeria,” he added.