The Nigerian National Petroleum Company Limited (NNPC Ltd.) reported a significant rise in profit after tax, reaching $5.4 trillion for the 2024 financial year—a 64 percent increase from the $3.297 trillion recorded in 2023. According to the Centre for Energy Accountability and Reform (CEAR), this improvement stems from the company’s conversion to a limited‑liability entity, the stabilization of operations, and the restoration of investor confidence.
NNPC’s revenue also surged, climbing to $45.1 trillion, an 88 percent jump driven by higher production volumes and strengthened downstream reforms. CEAR Executive Director Dr. Ibrahim Ahmed said the performance confirms that Nigeria’s oil industry is responding positively to commercial reforms. The centre attributes the results to a deliberate, disciplined shift in how NNPC Ltd. is managed, emphasizing efficiency, transparency, and commercial viability.
Reforms across upstream, midstream, and downstream sectors are beginning to reverse years of inefficiency, vandalism, underinvestment, and regulatory conflicts. Although foreign‑exchange earnings fell in the 2024 statement, CEAR views this shortfall as a signal that sustained reforms are needed to boost production, expand gas output, and increase value addition rather than relying on crude exports.
NNPC’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 urges regulators, industry players, and political actors to avoid distracting NNPC Ltd. and instead support the ongoing reforms. The centre stresses that long‑term stability must be investment‑led and production‑driven.
Given the oil industry’s critical role in Nigeria’s economy, the success of NNPC’s reforms is essential for the country’s economic development. As the company pursues its goals, all stakeholders must back the process and refrain from actions that could hinder progress.
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