Nigeria’s NNPC Limited significantly increased its investment in energy security in 2024, committing N7.1 trillion, up from N4.8 trillion in 2023 — a rise of nearly 48 percent. The company’s audited financial statements also show a profit after tax of N5.4 trillion for the year.

NNPC explained that the “energy security expense” mainly reflects the gap between the exchange rate used to set petrol prices and the actual rate at the time of import payments. These costs are absorbed by NNPC as the supplier of last resort and are either deducted from monthly remittances or treated as receivables from the Federation.

To strengthen long-term fuel supply and promote cleaner energy, NNPC has opened 12 Compressed Natural Gas (CNG) stations and announced plans to establish 226 more by 2030.

Revenue from crude oil sales surged to N29.2 trillion in 2024, more than double the N14.07 trillion earned in 2023. Sales of petroleum products also grew to N9.68 trillion, covering petrol, diesel, kerosene, lubricants, and other products.

The report also revealed that 22 subsidiaries and one joint venture owed NNPC a total of N30.29 trillion, reflecting extensive intercompany transactions across the group.

Operational highlights included a peak national oil production of 1.8 million barrels per day, the highest since January 2022, achieved through the Accelerated Production Recovery Initiatives (APRI). Key projects were also advanced, including the launch of the Utapate crude blend, the $550 million Final Investment Decision for the Ubeta gas field, and the commissioning of new gas processing plants expected to raise domestic gas supply.

NNPC says these steps will reinforce Nigeria’s energy security, support cleaner fuel adoption, and enhance the country’s role in the regional energy market.