Nigeria’s state-owned oil company, NNPC Ltd, announced on Monday that it posted a net profit of 5.4 trillion naira ($3.6 billion) in 2024, representing a 64% increase compared with the previous year.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Group Chief Executive Bashir Bayo Ojulari told analysts.
He outlined ambitious plans for the company, including mobilizing $60 billion in energy investments by 2030, increasing oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, and raising gas output to 12 billion cubic feet per day by the end of the decade.
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Nigeria has struggled to meet its OPEC+ production quota in recent years due to pipeline theft, vandalism, and underinvestment, with output averaging about 1.5 million bpd in 2024, below its 1.8 million bpd target, according to OPEC data.
Analysts note that NNPC’s ambitious targets will require addressing security challenges and attracting foreign investment, according to Reuters NNPC has been profitable since 2020, when it recorded its first-ever profit, but remains under scrutiny from lawmakers regarding its spending.
The company restructured in 2022 to operate as a commercial entity under the Petroleum Industry Act, preparing for potential public share sales.
As Africa’s largest oil producer, NNPC plays a central role in Nigeria’s efforts to attract investment and reduce chronic shortfalls in oil output.
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Image Credit: Reuters
