The Nigerian National Petroleum Company (NNPC) Limited has announced a significant net profit of N3.297 trillion for 2023, marking a 28% increase from the N2.548 trillion reported in 2022. This record-breaking profit, which adds over N700 billion to the previous year’s performance, underscores NNPC’s growing financial strength and operational efficiency.
During a press conference at NNPC Towers in Abuja, Chief Financial Officer Mr. Umar Ajiya highlighted the company’s commitment to transparency and fiscal responsibility. He attributed the impressive financial results to strategic foresight and resilience in navigating the challenging oil and gas sector in Nigeria. Ajiya also hinted at the possibility of launching an Initial Public Offering (IPO) in the future, pending shareholder and Board approval.
NNPC’s strong financial performance comes despite ongoing challenges, including fuel scarcity in parts of Lagos and the Federal Capital Territory (FCT). The Executive Vice President, Downstream, Mr. Dapo Segun, reassured the public that the company is working to resolve distribution and logistics issues to ensure a steady fuel supply nationwide.
NNPC’s transformation over the years has been remarkable. After posting a loss of N803 billion in 2018, the company has steadily improved, culminating in the historic N3.297 trillion profit for 2023. This achievement sets a new standard for excellence in Nigeria’s oil and gas industry and positions NNPC for continued growth and success in the global energy landscape.
The company also announced a final dividend of N2.1 trillion, approved by shareholders, signaling a new era of profitability and growth. NNPC Limited’s ambitious crude oil production target of 2 million barrels per day by the end of 2024 further highlights its commitment to cementing Nigeria’s position as a leading oil producer on the world stage.
