Nigerian National Petroleum Company (NNPC) Limited has announced a historic profit of N3.3 trillion for the 2023 fiscal year, marking a significant increase of N749 billion from the previous year’s profit of N2.54 trillion.
Gatekeepers News reports that this achievement comes after the company posted losses in 2018 and 2019, but has since reversed the trend with consecutive profits in 2020 and 2021.
According to Pius Akinyelure, chairman of the NNPC board, the company’s revenue also surged to N24 trillion in 2023, up from N8.81 trillion in 2022. The board declared a dividend of N2.1 trillion to shareholders for the year.
Akinyelure attributed the impressive performance to the Petroleum Industry Act (PIA) 2021 and the dedication of the company’s board, management, and staff.
Umar Ajiya, chief financial officer, emphasised the company’s commitment to transparency and accountability, citing the release of the audited financial statements as evidence.
NNPC aims to build on this success by targeting 2 million barrels per day (bpd) of crude oil production by the end of 2024, according to Oritsemeyiwa Eyesan, executive vice-president, upstream.
The company is also working to address current fuel distribution challenges in Lagos and the federal capital territory.
