NNPC's ₦5.4 Trillion Profit Signals Success of Oil Industry Reforms

The Nigerian National Petroleum Corporation (NNPC) reported a significant profit of ₦5.4 trillion in the 2024 financial year, marking a 64% year-on-year increase. The Center for Energy Account Reform (CEAR) praised NNPC's performance as a landmark moment in the country's oil industry, attributing it to effective management and modern commercial reforms led by Ojulari.

The profit surge was driven by higher product volumes and downstream reforms. NNPC's strategic targets include ramping up crude oil production to 3 million barrels per day by 2030.

CEAR endorsed NNPC's plans for fresh investments across the oil and gas value chain.