The Centre for Energy Accountability and Reform (CEAR) has called on regulators, industry stakeholders, and political actors to avoid interfering with the operations of the Nigerian National Petroleum Company Limited (NNPC Ltd.) as the company continues efforts to restore and strengthen the nation’s petroleum value chain.
CEAR highlighted NNPC Ltd.’s impressive financial results for 2024, reporting a Profit After Tax of N5.4 trillion—a 64 percent increase from N3.297 trillion in 2023. Revenue also surged by 88 percent to N45.1 trillion, driven by higher production levels and ongoing downstream reforms.
In a statement issued in Abuja on Tuesday, CEAR’s Executive Director, Dr. Ibrahim Ahmed, noted that these achievements reflect the company’s commitment to operational efficiency, transparency, and investment. He emphasized that the transformation of NNPC into a limited liability company, along with improved cost management and investor confidence, has been key to this performance.
“The success seen in NNPC’s financial results is the outcome of deliberate reforms focused on efficiency and commercial viability. The company has shown that a national oil company can be profitable, globally competitive, and aligned with national development priorities,” Dr. Ahmed said.
CEAR also acknowledged challenges, including a decline in foreign exchange earnings, stressing that sustained reforms are essential to increase crude and gas production, deepen value addition, and reduce reliance on crude exports.
The Centre highlighted NNPC’s long-term production goals, including plans to raise crude output to two million barrels per day by 2027 and three million barrels per day by 2030, as well as scaling gas production to 12 billion standard cubic feet per day by 2030. These targets, CEAR said, demonstrate strategic foresight and are critical for the sector’s stability.
Dr. Ahmed urged all stakeholders to maintain support for the ongoing reforms, describing them as vital to restoring credibility and operational stability within Nigeria’s petroleum industry.
