Nigerian National Petroleum Corporation (NNPC)

Definition

The Nigerian National Petroleum Corporation (NNPC) is the state-owned oil corporation in Nigeria responsible for exploration, production, marketing, and regulation of petroleum resources. It plays a central role in Nigeria's economy as the main driver of government revenue.

Related terms

OPEC (Organization of the Petroleum Exporting Countries): OPEC is an intergovernmental organization consisting of major oil-exporting countries. Nigeria is a member of OPEC, which allows it to collaborate with other nations on matters related to oil production and pricing.

Resource Curse:

Also known as "Dutch Disease," it refers to a phenomenon where countries rich in natural resources experience economic challenges such as corruption, inequality, and lack of diversification due to over-reliance on resource extraction revenues.

Upstream/Downstream Operations: These terms describe different stages in the petroleum industry. Upstream activities involve exploration and production (e.g., drilling wells), while downstream activities include refining, distribution, marketing, and sales (e.g., operating gas stations). NNPC manages both upstream and downstream operations in Nigeria.