Nigeria’s state-owned oil company, the Nigerian National Petroleum Corporation (NNPC), posted a 64 percent increase in its annual net profit for 2024, reaching $3.6 billion, according to the corporation’s financial report. The boost was driven by higher crude oil prices and improved operational efficiency across its upstream and downstream operations.
Group Chief Executive Bashir Bayo Ojulari highlighted that strategic investments in refining and gas projects contributed significantly to the earnings surge, as reported by Bloomberg. “Our enhanced operational oversight and commitment to value creation are yielding tangible results,” Bashir said.
Industry analysts noted that the profit growth positions NNPC to better support Nigeria’s fiscal budget and strengthen domestic energy infrastructure, according to Reuters.
The corporation also plans to channel part of the earnings into expanding its gas and power projects, aiming to enhance national energy security and supply reliability.
