By Isaac Anyaogu
LAGOS (Reuters) -Nigeria’s state oil company NNPC Ltd said on Monday it recorded a net profit of 5.4 trillion naira ($3.6 billion) in 2024, up 64% from a year earlier.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Group Chief Executive Bashir Bayo Ojulari told analysts.
Ojulari said NNPC aims to mobilise $60 billion in energy investments by 2030, raise oil output to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, and boost gas production to 12 billion cubic feet per day by the end of the decade.
Nigeria has struggled to meet its OPEC+ quota in recent years due to theft, pipeline vandalism and underinvestment. Output averaged about 1.5 million bpd in 2024, below its 1.8 million bpd target, OPEC data shows.
Analysts say achieving NNPC’s targets will require tackling security challenges and attracting foreign capital.
NNPC has been profitable since 2020, when it posted its first-ever profit, but faces scrutiny from lawmakers over spending.
The company restructured in 2022 to become a commercial entity under the Petroleum Industry Act, in preparation to sell shares to the public. It plays a key role in Africa’s biggest oil producer, which is seeking to attract investment and curb chronic output shortfalls.
(Reporting by Isaac AnyaoguEditing by Chijioke Ohuocha and Franklin Paul)
