NNPC Ltd Surpasses 2024 Profit Projections, Vows To Strengthen Nigeria’s Energy Sector
6 months ago 4 min read
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The Nigerian National Petroleum Company Ltd (NNPCL) has said that it has already exceeded its 2024 profit estimate, and it is working to deliver more value to Nigerians and other stakeholders.
The firm also highlighted efforts made to save the naira with $3bn forex liquidity injected into the economy and saving the Dangote Refinery with $1bn liquidity when the refinery faced liquidity issues.
The state-owned company’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye, said these on Monday at the NNPCL Energy Relations Stakeholder Engagement, held in Abuja.
Soneye said under the visionary leadership of the Group Chief Executive Officer, Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector, leading to the firm’s emergence as a profitable business.
THE WHISTLER reported that in 2023, the NNPCL delivered a revenue of N23.9tn, a significant increase from N8.82tn in 2022
The firm also recorded a surge in profit of N3.29tn, the highest in the company’s 46-year history and gross profit of N7.04tn.
Its operating profit also rose to N4.34tn as net profit margin of 14 per cent was recorded while operating profit margin was 18 per cent in 2024.
Soneye said the NNPCL has galvanized the push for the country’s energy sufficiency in line with the provisions of the Petroleum Industry Act, 2021.
According to him, the restart of the Port Harcourt Refinery is one of the critical moves recently made by the company.
Soneye said, “In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented.”
The CCCO also highlighted the firm’s effort to push the adoption of Compressed Natural Gas (CNG) as alternative fuel.
He said the Port-Harcourt-based refinery “marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
“NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.”
Another achievement the company has made is facilitating funds for the Dangote Refinery and Petrochemical when it was battling liquidity challenges.
The COO said, “A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
“This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.”
In order to save the naira, the NNPCL had facilitated a fundraising for the government to defend the currency through the African Export-Import Bank backed $3bn Project Gazelle.
Soneye said, “Kyari facilitated the $3bn Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis.
“As a responsible energy company, NNPC Ltd continues to strengthen Nigeria’s energy sector while solidifying its legacy as a transformative force and a global game-changer.
“Energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company. In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives and ensuring energy for today and tomorrow.”
Speaking on partnership, Soneye said NNPC recognizes the role of each of the stakeholders in shaping the future of energy in Nigeria.
He said, “Together, we stand at the forefront of a transformative era in the global energy landscape, where collaboration, innovation, and sustainability are key to success.
“Energy relations are the backbone of NNPC Ltd’s operations and strategic aspirations as an integrated energy company. In a rapidly evolving global energy landscape, fostering strong relationships with stakeholders across the value chain is not just a priority but a necessity for achieving our objectives.”
According to Soneye, the energy giant remains committed to fostering meaningful relationships, driving excellence, and delivering value across the energy value chain.
He added, “This meeting underscores our shared vision to ensure energy security, economic growth, and environmental stewardship for the benefit of all.
“Energy relations are more than a strategic tool—they are integral to our mission to deliver energy for today and tomorrow, driving value for our stakeholders and empowering our nation.”
