The Nigerian National Petroleum Company Limited (NNPC) has announced a record-breaking net profit of N3.297 trillion for the 2023 financial year, a 28% increase from the previous year’s profit of N2.548 trillion. This achievement marks the highest profit in the company’s 46-year history.
The NNPC’s Chief Financial Officer, Umar Ajiya, attributed the success to strategic foresight and operational resilience. The company’s Board Chairman, Pius Akinyelure, credited the financial results to the Petroleum Industry Act of 2021 and the dedication of the company’s Board, management, and staff.
The NNPC has also declared a final dividend of N2.1 trillion, in line with the provisions of the Petroleum Industry Act 2021. The company is targeting a crude oil production level of 2 million barrels per day by December 2024.
The NNPC’s financial performance has shown significant improvement in recent years, from a loss position of N803 billion in 2018 to a profit of N287 billion in 2020, and then to N674.1 billion in 2021, and N2.548 trillion in 2022.
The company is working to resolve the current fuel queues in Lagos and Abuja, and has assured Nigerians that it is actively working with stakeholders to address the distribution and logistics challenges.
