In a landmark achievement for Nigeria’s energy industry, the Nigerian National Petroleum Company Limited (NNPCL) has reported a record net profit of ₦54 trillion for the year 2024, according to its official financial statement released this week. The announcement comes on the heels of a year marked by major operational reforms, rising crude oil output, and expanding gas infrastructure.
Speaking on the results, the NNPCL management stated, “Our robust performance this year reflects not only recovering global oil prices but also our continued drive for efficiency and transparency in operations. The efforts of our technical teams in sustaining stable production and accelerating key projects are paying off.”
Documentation from NNPCL’s annual report underscores strong crude oil and condensate production, noting an average daily output of over 1.6 million barrels per day in multiple months of 2024. The company’s focus on operational efficiency led to upstream pipeline availability averaging 96 percent, a figure that the report describes as “testament to stable infrastructure performance during the period.” Gas output also surged, supported by ongoing expansion projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, which reached about 88 percent completion by year-end.
NNPCL’s leadership credited the sharp increase in profit to “sustained cost-cutting measures, strategic negotiations with international partners, and project delivery efforts across upstream and midstream segments.” Statutory payments and contributions to the federal government in the first three quarters of 2024 totalled over ₦10 trillion, reflecting the company’s role as a key contributor to national revenue.
While operational progress was hailed, the NNPCL report also acknowledged persistent challenges, including periods of production dips and ongoing reviews of Nigeria’s refining sector. “We are resolute in our commitment to ensuring that our refineries are fully rehabilitated, with special focus on the Port Harcourt, Warri, and Kaduna plants,” reads part of the company’s statement.
The record-breaking 2024 profit is expected to boost government revenues and attract further investment into Nigeria’s oil and gas sector, according to industry analysts. As the company emphasized, “Our priority remains sustaining value for our stakeholders and growing Nigeria’s energy future.”
The announcement has drawn commendations from the presidency and key industry figures, who see the NNPCL’s 2024 performance as a sign of positive transformation and resilience in a challenging global market.
