The Nigerian state oil company, the Nigerian National Petroleum Corporation (NNPC), stated in a statement by its chief that it was planning on moving into power generation and transmission, in order to try and resolve the country's long-standing power problems
Maikanti Baru, managing director of NNPC, has comments in a statement released on 29 March, that Nigeria's state oil company plans to move into power generation and transmission as the firm tries to resolve the country's long-standing power problems.
According to Reuters Africa, Despite regularly taking the top spot among Africa's oil producers, Nigeria's power generation and electricity grid are plagued by a lack of investment and poor infrastructure which leaves many people dependent on private generators.
Baru said that the NNPC wants to transform itself "from an oil and gas company into an integrated energy outfit with interest in power generation and transmission," and that, the "decision to diversify into the power sector was hinged on the need to bridge the huge energy gap in the Nigerian market."
The statement does not give any further details on the amount of time or money the NNPC are planning on investing in its energy diversification projects.