Nigeria’s NNPC reports 29% rise in annual profit

LAGOS, August 19, 2024 – The Nigerian National Petroleum Corporation has reported a 29% rise in its annual profit in its 2023 Audited Financial Statement, released on Monday.

The NNPC‘s 2023 profit stood at around NGN 3.3 trillion (USD 2.1 billion), which showed strong growth over 2022’s profit of around NGN 2.55 trillion (USD 1.6 billion).

“Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges of our operational and economic environment, we have improved the productivity and the financial performance of this great company,” CFO Umar Ajiya said in a press conference.

The company’s executive vice-president for upstream, Oritsemeyiwa Eyesan, also announced that with improvements witnessed as a result of the “renewed vigour” in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2 million bopd of crude oil production by the end of the year.

Nigeria’s current production stands at 1.75 million bopd, Eyesan said.

Photo of the Egina FPSO courtesy of NNPC.

Read our latest insights on: