November 24, (THEWILL) — The Nigerian National Petroleum Company Limited (NNPCL) has posted a profit of N5.4 trillion for the 2024 financial year, marking a significant milestone in the company’s ongoing transformation into a commercially-driven national energy giant.
In a statement released on Monday, the company said the record performance reflects improved operational efficiency, stronger market fundamentals, and the impact of ongoing reforms across Nigeria’s oil and gas value chain. NNPCL noted that the 2024 results underline its “renewed financial stability” and position the company for sustained growth in the coming years.
Building on the stronger fiscal footing, the state-owned firm also unveiled an ambitious production target of three million barrels per day (bpd) by 2030. The company said the target is part of a long-term strategy to expand Nigeria’s crude output, attract more investments, and restore the country’s place as a leading oil producer on the continent.
NNPCL explained that achieving the 3 million bpd goal will require aggressive investment in upstream assets, improved security in oil-producing regions, and strengthened collaboration with international oil companies, indigenous operators, and service providers.
Industry analysts note that while the target is bold, meeting it would significantly boost Nigeria’s revenue base at a time when the country is grappling with foreign exchange constraints and declining production from ageing fields.
The company reaffirmed its commitment to transparency, operational excellence and delivering greater value to its shareholders, including the Nigerian public. It added that further details of its growth blueprint will be unveiled in the coming months.
Ogochukwu Onwaeze
