- Targets two million barrels per day oil production by Dec 2024
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has released its 2023 Audited Financial Statement (AFS), posting a net profit of N3.297 trillion for the financial year ending in December 2023. This marks a 28% increase over the N2.548 trillion profit recorded in 2022, underscoring the company’s growing financial strength.
During a world press conference at the NNPC Towers in Abuja on Monday, the company’s Chief Financial Officer, Mr. Umar Ajiya, highlighted the significance of the AFS release, emphasizing NNPC’s commitment to transparency and accountability. “Our fiscal performance reflects both strategic foresight and operational resilience. Despite the challenges of our operational and economic environment, we have significantly improved the productivity and financial performance of this great company,” Ajiya stated.
He further noted that NNPC Ltd.’s impressive returns demonstrate its dedication to sustaining profitability and supporting national energy security, as outlined in the Petroleum Industry Act (PIA) 2021. Additionally, Ajiya mentioned that the company would announce its Initial Public Offering (IPO) once the shareholders and Board reach a decision. He also addressed claims regarding subsidy payments, clarifying that NNPC Ltd. has only been managing the shortfall in Premium Motor Spirit (PMS) importation.
Chairman of the NNPC Ltd. Board, Chief Pius Akinyelure, attributed the company’s excellent performance to the PIA 2021 and the commitment of the Board, Management, and staff. He also confirmed that shareholders have approved a final dividend of N2.1 trillion in line with PIA 2021 provisions.
In her remarks, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, revealed that NNPC Ltd. is targeting a crude oil production of 2 million barrels per day by the end of 2024. She attributed this goal to the progress made in combating crude oil theft and pipeline vandalism.
Addressing the recent fuel queues in Lagos and the Federal Capital Territory, the Executive Vice President, Downstream, Mr. Dapo Segun, appealed for public understanding, assuring that NNPC Ltd. is collaborating with relevant stakeholders to resolve distribution, evacuation, and logistics challenges.
The 2023 profit marks the highest in NNPC Ltd.’s 46-year history. The company first declared a profit in 2020, with N287 billion, after years of operating losses. This was followed by a profit of N674.1 billion in 2021 and a record-breaking N2.548 trillion in 2022. The N3.297 trillion profit declared for 2023 continues this trajectory of unprecedented financial performance.
