The Nigerian National Petroleum Corporation (NNPC) on Monday said it would build more depots across the country.

In a statement in Abuja on Monday by NNPC spokesman, Mr Ndu Ughamadu stated that the corporation's Dr Maikanti Baru made the disclosure in Abuja, while inaugurating the board of one of its downstream companies, NNPC Retail limited.

He explained that the addition to the corporation’s existing 23 depots nationwide would ease products supply and distribution in the country.

Baru urged members of the board to expand the company’s market share from 13 percent to 30 percent, saying that building more depots by the corporation was more feasible than acquiring dormant ones.

He lauded NNPC Retail “for its strong intervention to wet (supply) the market at a time when other downstream players were playing underhand games to create artificial scarcity.

“By mid-2019, you should be having plans to go into the sub-region, this board should propel NNPC Retail into a new height,” Baru tasked the board.

On diversification and backward integration, he directed the company to venture into lubricants production, marine and industrial services to boost its revenue profile as it was in line with the quest for an integrated oil company.

Mr Saidu Mohammed, Chairman of the board and Chief Operating Officer, Gas and Power, said as an NNPC-owned company, the watch word for NNPC Retail should be “efficiency and profitability, especially in a downstream system like ours that is highly competitive.”

He pledged the commitment of the board and management of the company to the attainment of the goals of the corporation. (NAN)

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