The Nigerian National Petroleum Company (NNPC) Limited has announced a remarkable net profit of N3.297 trillion for the financial year ending December 2023, reflecting an increase of N700 billion or 28% from the N2.548 trillion profit recorded in 2022.
In a statement released in Abuja on Monday, the NNPC shared its 2023 Audited Financial Statement (AFS) and outlined ambitious plans to boost crude oil production to 2 million barrels per day (mbpd) by December 2024.
Umar Ajiya, the Chief Financial Officer of NNPC Ltd, highlighted the company’s fiscal performance as a testament to its strategic foresight and operational resilience in navigating the challenges posed by the current economic and operational landscape. “Despite inherent challenges, we have improved productivity and the financial performance of this great company,” Ajiya remarked.
He emphasized that the impressive results underscore NNPC Ltd’s commitment to maintaining profitability while contributing to national energy security, as mandated by the Petroleum Industry Act (PIA) 2021. Ajiya also noted that the company would announce an Initial Public Offer (IPO) once decisions are made by shareholders and the Board.
The NNPC’s strong financial performance is poised to support further investments in Nigeria’s energy sector, reinforcing its position as a key player in the industry while aiming for sustainable growth and development.
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