Nigeria state oil company posts 29% increase in full-year profit

AFRICAN STOCKS AND FINANCEAugust 19, 2024 at 3:04 PM UTC

TLDR

NNPC reported a significant increase in full-year profit to N3.3 trillion ($2.1 billion).
The company generated 24 trillion naira in revenue, showing substantial growth.
Nigeria increased oil production to 1.75 million barrels per day, up from 1.56 million barrels per day.

The Nigerian National Petroleum Corporation (NNPC) reported a significant increase in full-year profit, rising by nearly a third to N3.3 trillion ($2.1 billion) for the year ending in December.

That's compared to N2.55 trillion the previous year while the company generated 24 trillion naira in revenue, though no comparative figure was provided.

NNPC also highlighted a boost in oil production, with the West African nation producing 1.75 million barrels per day of crude and condensates this month, up from an average of 1.56 million barrels per day so far this year.

Key Takeaways

Nigeria's economy continues to be heavily dependent on crude oil, which accounts for more than 80% of its exports despite efforts to diversify. As one of Africa's leading oil producers, the country has long struggled with the challenges of oil theft, including illegal extraction, refining, and pipeline vandalism. These activities have significantly impacted the nation's oil production and revenues, exacerbating economic vulnerabilities and making it difficult to reduce reliance on a single export product. The ongoing battle against oil theft remains a critical issue for Nigeria as it seeks to stabilize and grow its economy.

Nigeria

NNPC

Oil Production

Oil & Gas

Oil Exports

Finance

Economy

Business