The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a significant increase in its Profit After Tax, reaching $5.4 trillion for the 2024 financial year. This represents a 64 percent year-on-year jump from the $3.297 trillion recorded in 2023. According to the Centre for Energy Accountability and Reform (CEAR), this improvement is a result of the company’s transformation into a limited liability company, stabilization of operations, and restoration of investor confidence.
The NNPC’s revenue also rose sharply to $45.1 trillion, reflecting an 88 percent surge, supported by higher production volumes and strengthened downstream reforms. CEAR’s Executive Director, Dr. Ibrahim Ahmed, noted that the company’s performance is an affirmation that Nigeria’s oil industry is responding to commercial reforms. The centre attributes the results to the deliberate and disciplined shift in how NNPC Limited is run, prioritizing efficiency, transparency, and commercial viability.
The ongoing reforms across the upstream, midstream, and downstream sectors are beginning to correct years of inefficiency, vandalism, underinvestment, and regulatory conflicts. While foreign exchange earnings declined in the 2024 statement, CEAR believes this shortfall highlights the need for sustained reforms to boost production, expand gas output, and deepen value addition rather than crude export dependence. The company’s plan to raise crude output to two million barrels per day by 2027 and three million barrels per day by 2030 is seen as a step in the right direction.
CEAR is urging regulators, industry players, and political actors to avoid distracting the NNPC Ltd. and instead support the ongoing reforms. The centre emphasizes that the path to long-term stability must be investment-led and production-driven. With the oil industry being a critical component of Nigeria’s economy, the success of the NNPC’s reforms is crucial for the country’s economic development. As the company continues to work towards its goals, it is essential for all stakeholders to support the process and avoid any actions that might hinder progress.
