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More Pain May Come for Nigeria's Loss-Making Oil Behemoth

  • Abuja-based NNPC made operating losses of $246 million in 2017
  • Financial woes contrast with state firms from Norway to Saudi
Updated on

It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money.

Nigerian National Petroleum Corp., the Abuja-based behemoth that dominates the OPEC member’s energy industry, has made losses for at least the last three years, statements on its website show. It will probably register another in 2018, according to Ecobank Transnational Inc., as its refineries and fuel-retailing arm fail to generate profit.