Nigeria: Current update as the Nigerian National Petroleum Corporation (NNPC) on Monday said that it had been able to reduce the cost of producing a barrel of crude oil to $20.

A statement issued by the corporation said “additional measures have been put in place to further reduce the cost to $15 per barrel.” The corporation also announced that it had signed four Memoranda of Understanding (MOU) with state governments for the production of biofuel to complement the volume of petrol being supplied across the country. According to the statement, the Group Managing Director, NNPC, Maikanti Baru, made this known during the ongoing Science Fair holding in Abuja.

Selected by SPTEC Advisory from My Nation News