Feature: Nigeria’s NNPC should understudy Malaysia’s Pertronas


If Bola Tinubu is serious about getting Nigeria out of the woods, within a week he should sent a team to Malaysia to study how Pertronas works and replicate this with the NNPC


Ayo Akinfe

[1] Petronas, Malaysia’s national petroleum corporation accounts for 50% of the federal government’s budget

[2] Petronas subsidiary Malaysian Marine and Heavy Engineering builds oil rigs and platforms

[3] Petronas Fertiliser Kedah manufactures urea fertiliser

[4] Petronas subsidiary KLCC Properties Berhad manages Kuala Lumpur city centre

[5] Petronas subsidiary Misc Berhad is one of the world’s largest shipping lines. It has the largest fleet of liquefied natural gas transport vessels in the world

[6] Petronas has also teamed up with local food and beverage companies, banks and transportation companies to provide better services at their petrol stations

[7] Petronas is also massive in the global petrochemicals industry

[8] Do you know that Petronas also awards education sponsorships in the form of convertible loans to Malaysian and international students to further their studies at local or foreign universities. These students are under contract agreement to work for the company for two years, for every one year they are sponsored

[9] Petronas has a net income of $46bn, while Nigeria as a whole has an annual budget of just $30bn. Yet, Malaysia produces just 661,000 barrels of oil a day compared with Nigeria’s 2.2m barrels a day. As you can see, we are own enemies

[10] Despite being wholly state-owned, Petronas runs like a fully-fledged business. As state capitalism has simply refused to work in Nigeria, we cannot adopt this module, so will have to privatise the NNPC. Over to you Asiwaju!


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