NNPCL Reports A 29% Gain in Profit to N3.3 Trillion in 2023 While Revenues Reach N27.99 Trillion

The Nigerian National Petroleum Company Ltd. (NNPCL) said that its full-year profit increased by 29% to N3.3 trillion, while revenues increased to N27.99 trillion due to an increase in oil output.

For the year that ended in December, the corporation reported a profit of N3.3 trillion ($2.1 billion), up from N2.55 trillion the year before.

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This was revealed on Monday during a presentation at an Abuja media briefing. Additionally, the business declared 24 trillion naira in total income; however, no comparable amount was given.

Oritsemeyiwa Eyesan, the Executive Vice President of NNPCL’s upstream division, stated at the briefing that Nigeria is currently producing 1.75 million barrels of crude oil and condensates per day. This marks an increase from the year-to-date average of 1.56 million barrels per day, as noted during the briefing.