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Nigeria's National Oil Company Posts $1.3 Billion Full-Year Loss

  • Refineries lose 82 billion naira on sales of 730 million naira
  • `It will take a while to reverse the situation,' says Ecobank

The state oil company in Nigeria, Africa’s biggest producer of crude, made a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division.

Sales of 2 trillion naira fell short of expenses of 2.3 trillion naira, the Nigerian National Petroleum Corp. said in a report of unaudited results published on its website Wednesday. The refining business made a loss of 82 billion naira on revenue of 730 million naira.