A subsidiary of the Nigerian National Petroleum Corporation, NNPC Retail Limited, has been directed to take over 30 per cent market share of petroleum products distribution business in the nation’s downstream sector by 2020.
The Group Managing Director, NNPC, Dr. Maikanti Baru, gave the directive in Abuja during the unveiling of new logos for four of the oil firm’s downstream subsidiaries: Petroleum Products Marketing Company, Nigerian Pipelines and Storage Company, NNPC Retail Limited and NNPC Shipping.
Baru said the target would enhance products’ distribution and price stability across the country, adding that by that time, NNPC Retail would extend its businesses to neighbouring states in the West African sub-region.
The corporation’s downstream company currently holds about 14 per cent market share of the nation’s products’ distribution network.
Baru said, “In making the choice to rebrand these entities, we are taking a huge step towards enhancing our corporate reputation, improved profitability, sustainable growth and most importantly, capture a larger share of the market across the entire downstream value-chain.
“The downstream sector is one critical aspect of our business upon which we are readily assessed by majority of our stakeholders nationwide and in the international market environment, making it imperative for the corporation’s long-term survival and image.”
On the significance of the logos, he said, “Today, corporations and other multinationals don’t even need their names written on their logos before people understand what they stand for.”
He expressed optimism that the logos would spur and facilitate improved brand loyalty towards the PPMC, NPSC, NNPC Retail and NNPC Shipping.
Baru said he expected the rebranded companies to overcome their current challenges, improve on their performance and become more profitable.