Nigeria’s state oil company, NNPC Ltd, has reported a net profit of 5.4 trillion naira ($3.6 billion) in 2024, marking a 64% increase from the previous year.
The company’s Group Chief Executive, Bashir Bayo Ojulari, attributed the growth to the ongoing transformation and commitment of the workforce.
NNPC aims to mobilize $60 billion in energy investments by 2030, increase oil output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, and boost gas production to 12 billion cubic feet per day by the end of the decade.
Despite struggling to meet its OPEC+ quota due to theft, pipeline vandalism, and underinvestment, NNPC remains optimistic about its future prospects.
The company has been profitable since 2020 and is preparing to sell shares to the public as part of its restructuring efforts.
