The Nigerian National Petroleum Corporation (NNPC) Limited has announced its highest-ever profit of N3.297 trillion for the financial year ending in December 2023. This figure represents a 28% increase, or over N700 billion, from the N2.548 trillion profit reported in 2022.
At a press briefing held at the NNPC Towers in Abuja, the company’s Chief Financial Officer, Mr. Umar Ajiya, highlighted that the release of the 2023 Audited Financial Statement (AFS) underscores NNPC’s commitment to transparency and accountability. “Our fiscal performance reflects both strategic foresight and operational resilience,” Ajiya stated, adding that the company has significantly improved its productivity despite the challenging economic environment.
Ajiya also mentioned that NNPC Ltd is focused on sustaining profitability and supporting national energy security as mandated by the Petroleum Industry Act (PIA) 2021. He clarified that the company is not involved in subsidy payments but is managing the shortfall in PMS importation between itself and the Federation.
The Chairman of the NNPC Ltd Board, Chief Pius Akinyelure, attributed the impressive performance to the PIA 2021 and the dedication of the company’s Board, Management, and staff. He also announced that shareholders have approved a final dividend of N2.1 trillion, in accordance with the PIA 2021 provisions.
The Executive Vice President of Upstream, Mrs. Oritsemeyiwa Eyesan, noted the improvements in crude oil production due to the intensified fight against crude oil theft and pipeline vandalism. NNPC Ltd aims to achieve a production target of two million barrels per day by the end of the year.
Regarding the recent fuel queues in Lagos and the FCT, the Executive Vice President of Downstream, Mr. Dapo Segun, assured that the company is working with stakeholders to resolve the distribution and logistics challenges.
NNPC Ltd, which declared its first-ever profit of N287 billion in 2020, has steadily increased its profitability, achieving a record N3.297 trillion profit in 2023—the highest in its 46-year history.
