- Targets 2 Million Barrels Per Day Crude Oil Production by December 2024
The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has reported a significant milestone, posting a record net profit of N3.297 trillion for the 2023 financial year. This figure represents a 28% increase over the previous year’s profit of N2.548 trillion, marking the highest profit in the company’s 46-year history.
In a world press conference held on Monday at the NNPC Towers in Abuja, the Chief Financial Officer of NNPC Ltd, Mr. Umar Ajiya, emphasized the importance of the company’s latest audited financial statement, highlighting its commitment to transparency and accountability.
“Our fiscal performance reflects both strategic foresight and operational resilience. Despite the inherent challenges of our operational and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya remarked.
He further noted that the impressive financial returns underscore NNPC Ltd’s dedication to sustaining profitability and supporting national energy security, as mandated by the Petroleum Industry Act (PIA) 2021.
In response to queries regarding the company’s future plans, Ajiya indicated that NNPC Ltd is poised to announce its Initial Public Offering (IPO) once a decision is reached by its shareholders and Board. He also clarified that the company has not been involved in subsidy payments, but has been addressing the PMS importation shortfall with the Federation.
The Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, attributed the company’s outstanding performance to the reforms introduced by the PIA 2021, as well as the dedication of the Board, Management, and staff. He confirmed that the shareholders have approved a final dividend of N2.1 trillion, in line with the provisions of the PIA 2021.
Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream, announced that NNPC Ltd is aiming to ramp up crude oil production to 2 million barrels per day by the end of 2024. She credited recent gains in the fight against crude oil theft and pipeline vandalism as key factors in achieving this target.
Addressing the ongoing fuel shortages in parts of Lagos and the Federal Capital Territory (FCT), Mr. Dapo Segun, Executive Vice President, Downstream, appealed for public patience. He assured that NNPC Ltd is actively collaborating with stakeholders to resolve the distribution, evacuation, and logistics challenges causing the fuel queues.
NNPC Ltd’s journey from a loss of N803 billion in 2018 to its current record-breaking profit highlights the company’s remarkable financial turnaround. After posting its first-ever profit of N287 billion in 2020, the company’s profits have continued to soar, reaching N674.1 billion in 2021 and N2.548 trillion in 2022, culminating in the historic N3.297 trillion profit in 2023.
