State-owned oil company of Nigeria to be divided into 30 discrete entities. IMF warned last week the economy may need to reform to address pressures from lower crude oil prices. Photo courtesy of Nigerian National Petroleum Corp. ABUJA, Nigeria, March 4 (UPI) — The state oil company of Nigeria, burdened by corruption and revenue losses, will be split up into dozens of distinct companies, the petroleum minister said. “For the first time, we are unbundling the subset of the Nigerian National Petroleum Corp. to 30 independent companies with their own managing directors,” Nigerian Petroleum Minister and Managing Director of the Nigerian National Petroleum Corp. Emmanuel Kachikwu said in a statement. Nigeria’s oil-dependent economy has struggled under the strains that have emerged since crude oil prices first dropped below the $100 per barrel mark in 2014. With crude oil prices hovering in the mid-$30 range, economies that depend on oil […]