Reports by the Nigerian National Petroleum Company Ltd (NNPCL), has shown that the company, hit a 29% increase in its full-year profit to N3.3 trillion as revenues reached N23.99 trillion reflecting a boost in oil production.
The company revealed this development during a presentation at a media briefing in Abuja on Monday. A profit of N3.3 trillion ($2.1 billion) for the 12 months ending in December, compared to N2.55 trillion in the previous year, was recorded by the company.
The company also reported a total revenue of 24 trillion naira, though no comparative figure was provided.
According to the Executive Vice President of NNPCL’s upstream division, Oritsemeyiwa Eyesan, Nigeria is currently producing 1.75 million barrels of crude oil and condensates per day. This marks an increase from the year-to-date average of 1.56 million barrels per day, as noted during the briefing.
According to the report, the company experienced losses of N803 billion in 2018, which increased to N1.7 billion in 2019.
The report also identified 2020 as a ‘Turning Point,’ with a profit of N287 billion, and in 2021, the company’s profit rose to N674.1 billion, termed ‘Assurance.’ The upward trend continued, with NNPCL’s profit reaching N2.548 trillion in 2022.
In October alone, just a few months after the subsidy removal, NNPC Ltd’s Chief Executive Officer, Mele Kyari, announced that the company remitted N4.5 trillion as revenue to the federation account. Despite these gains, the national oil company continues to grapple with widespread oil theft across the country, hampering the sector’s growth and revenue potential.
