The Nigerian National Petroleum Corp. (NNPC), the state-owned oil company, announced a significant jump in full-year profit, signaling increased oil production in the West African nation, Bloomberg reports.
During a media briefing in the capital, Abuja, on Monday, the NNPC reported a profit of 3.3 trillion naira ($2.1 billion) for the 12 months ending December 2023, a near 30% increase compared to the 2.55 trillion naira earned the previous year.
The company’s revenue for the period reached 24 trillion naira, though a comparative figure was not provided.
Oritsemeyiwa Eyesan, executive vice president of the company’s upstream division, revealed that Nigeria was currently producing 1.75 million barrels of crude oil and condensate per day, a notable increase from the average of 1.56 million barrels per day recorded year-to-date.
The NNPC’s improved financial performance and heightened oil production signal a positive trend for Nigeria’s oil sector. The country, a major oil producer in Africa, has been facing challenges in recent years due to factors such as oil theft and production disruptions.
