Nigerian National Petroleum Corporation (NNPC): Meaning and History

Nigerian National Petroleum Corporation (NNPC): Meaning and History

The initial interest of government of Nigeria In the oil industry at independence, was limited to collecting royalties and other dues which the producing companies offered to;pay. Another area where government participated was in making’rudimentary laws to regulate the activities of the oil companies taking part in the oil industry. Gradually, the role of the government in the oil industry progressed from regulatory one to direct involvement in oil exploration and exploitation. This happened when oil industry moved from the insignificant position in the economy before the late sixties to a more significant one in the economy in the early 1970s.

For government to strengthen and establish its control in the oil industry, the Nigerian National Oil Corporation (NNOC) was established by a decree in 1971. It was also in the same year, that Nigeria joined the Organisation of Petroleum Exporting Countries (OPEC) as the 11th member-country. At that time the Ministry of Petroleum Resources whose functions were mainly, regulatory was also running concurrently with the NNOC. It was not until 1st April 1977, that a merger between the NNOC and the Ministry of Petroleum Resources created the Nigerian National Petroleum Corporation (NNPC).

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Somtochukwu

I am a public speaker 🔊 and a writer.

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