{"id":16032,"date":"2025-11-24T19:17:31","date_gmt":"2025-11-24T17:17:31","guid":{"rendered":"http:\/\/jhb-webdevelopers\/channelafrica\/news\/nigerias-nnpc-posts-64-rise-in-annual-net-profit-to-3-6-bln\/"},"modified":"2026-02-27T16:31:22","modified_gmt":"2026-02-27T14:31:22","slug":"nigerias-nnpc-posts-64-rise-in-annual-net-profit-to-3-6-bln","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/nigerias-nnpc-posts-64-rise-in-annual-net-profit-to-3-6-bln\/","title":{"rendered":"Nigeria&#8217;s NNPC posts 64% rise in annual net profit to $3.6 bln"},"content":{"rendered":"<p>Nigeria\u2019s 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.<\/p>\n<p>\u201cThe earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,\u201d Group Chief Executive Bashir Bayo Ojulari told analysts.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Analysts say achieving NNPC\u2019s targets will require tackling security challenges and attracting foreign capital.<\/p>\n<p>NNPC has been profitable since 2020, when it posted its first-ever profit, but faces scrutiny from lawmakers over spending.<\/p>\n<p>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\u2019s biggest oil producer, which is seeking to attract investment and curb chronic output shortfalls.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211;Reuters&#8211;<\/p>\n","protected":false},"featured_media":16033,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-16032","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"NNPC has been profitable since 2020.","published_date":null,"news_description":"NNPC has been profitable since 2020.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/16032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/16032\/revisions"}],"predecessor-version":[{"id":20016,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/16032\/revisions\/20016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/16033"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=16032"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=16032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}