The Nigerian National Petroleum Company Limited (NNPC) has announced a record profit of N3.297 trillion for the 2023 financial year, marking a 28% increase from its 2022 profit of N2.548 trillion. This achievement is the highest in the company’s 46-year history. NNPC also declared a dividend of N2.1 trillion, approved by its shareholders, in line with the Petroleum Industry Act (PIA) 2021.
The NNPC’s Chief Financial Officer, Mr. Umar Ajiya, emphasized that the company’s strong fiscal performance reflects its strategic planning and operational resilience, despite challenges in the economic and operational environment. The company is committed to transparency, accountability, and supporting national energy security as mandated by the PIA.
NNPC also hinted at the possibility of an Initial Public Offering (IPO) in the future, pending a decision by the shareholders and board. The company’s leadership attributes its success to the reforms introduced by the PIA and the dedicated efforts of its board, management, and staff.
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Additionally, NNPC is targeting a crude oil production level of two million barrels per day by the end of the year,
as it continues efforts to combat crude oil theft and pipeline vandalism. The company is also working to resolve current fuel distribution challenges in Lagos and the Federal Capital Territory.
