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The Digest:

The Nigerian National Petroleum Company (NNPC) Limited has announced a historic profit after tax of N5.4 trillion for the 2024 financial year, representing a 64% increase from the previous year.

Key Points:
  • NNPC’s profit grew by N2.1 trillion, from N3.3 trillion in 2023 to N5.4 trillion in 2024.
  • Revenue surged by 88% year-on-year to N45.1 trillion.
  • Earnings per share stood at N27.07 for the reviewed period.
  • Crude oil production reached 202.3 million barrels.
  • Gas production totaled 1.04 billion standard cubic feet.
  • The company expanded its retail network to 1,096 outlets nationwide.
  • NNPC aims to raise production to 3 million barrels per day by 2030.
This record profit reflects both global market dynamics and internal reforms, positioning NNPC as a stronger commercial entity amid ongoing national economic challenges.

Sources: The Cable, NNPC Audited Financial Statements