Nigeria’s national oil company, NNPC Ltd, announced on Monday that it achieved a net profit of 5.4 trillion naira (about $3.6 billion) for 2024 — a 64% jump from the previous year. The result marks one of the company’s strongest financial performances since it became a commercial entity.
Group Chief Executive Bashir Bayo Ojulari said the figures reflect the progress of NNPC’s ongoing restructuring and renewed operational focus. Addressing analysts, he credited the company’s workforce for sustaining improvements despite challenges across the energy sector.
Ojulari outlined NNPC’s long-term investment and production goals, including plans to attract $60 billion in new energy financing by 2030. He said the company aims to raise crude oil output to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, while targeting a significant expansion of natural gas production to 12 billion cubic feet per day before the decade ends.
Nigeria, Africa’s largest oil producer, has struggled in recent years to meet its OPEC+ production quotas due to crude theft, pipeline damage, and limited investment in upstream operations. In 2024, output averaged around 1.5 million bpd, below the country’s 1.8 million bpd target, according to OPEC figures. Energy analysts note that for NNPC to hit its future goals, Nigeria will need to improve security in oil-producing regions and attract more foreign capital.
NNPC first became profitable in 2020, ending decades of losses. However, its finances continue to attract attention from lawmakers, who have pressed for greater transparency in spending and governance.
The company completed a major transformation in 2022 under the Petroleum Industry Act, shifting into a fully commercialised limited liability structure in preparation for a future public share offering. NNPC’s performance is critical to Nigeria’s efforts to stabilize production levels, boost investor confidence, and strengthen revenue generation in a sector central to the country’s economy.
Source:Africa Publicity
