The Nigerian National Petroleum Company Limited (NNPCL) generated N29.21 trillion from crude oil sales in 2024, more than double the N14.07 trillion it earned from the same stream in 2023, according to its newly released audited financial statements.
The sharp rise reflects higher production volumes, stronger export performance, and expanded geographical markets.
Crude oil accounted for the largest share of NNPCL’s total revenue from customer contracts, which rose to N45.08 trillion in 2024 from N23.99 trillion the previous year.
The earnings surge highlights the company’s continued dependence on crude exports even as it pushes to strengthen its gas and product businesses.
Beyond crude oil, NNPCL earned N9.68 trillion from petroleum product sales in 2024, compared with N7.15 trillion in 2023.
Natural gas revenue climbed from N2.30 trillion to N5.20 trillion, reflecting rising domestic gas utilisation as well as higher export flows.
The services segment—which includes seismic contracts, marine operations, engineering services, and gas transmission fees—also rose sharply to N980.46 billion from N464.94 billion.
Nigeria dominates the revenue landscape
Nigeria remained NNPCL’s strongest market, contributing N34.41 trillion to total group revenue in 2024. This is nearly double the N18.29 trillion recorded the previous year.
The Nigerian market generated N19.59 trillion in crude sales, N9.68 trillion from petroleum products, N4.16 trillion from natural gas, N973.45 billion from services, and N9.42 billion from power sales.
Outside Nigeria, Switzerland was the next highest contributor with N2.14 trillion in revenue, driven mostly by crude sales of N2.12 trillion. The United Arab Emirates contributed N1.26 trillion, while Spain generated N1.40 trillion from crude exports.
France earned N1.19 trillion for the company, and Singapore added N979.90 billion.
The United Kingdom delivered N743.90 billion in 2024, lower than the N993.72 billion recorded in 2023. Several new or smaller markets—such as Italy, Vietnam, and Cyprus—also appeared in 2024, signalling broader diversification in NNPCL’s export destinations.
Company-level revenue hits N19.66 trillion
At the company level, NNPCL recorded revenue of N19.66 trillion in 2024, more than double the N8.13 trillion posted in 2023. Crude oil again accounted for most of this income, rising from N7.03 trillion to N17.39 trillion. Natural gas revenue increased from N951.61 billion to N2.10 trillion, while petroleum product revenue inched up from N151.79 billion to N158.81 billion.
Panama emerged as the biggest revenue source for the standalone company, contributing N14.77 trillion mostly from crude oil liftings. Nigeria followed with N4.85 trillion and Ghana with N37.54 billion.
Most of NNPCL’s group revenue—amounting to N40.49 trillion—was recognised at a point in time, indicating that revenue is booked once control of crude, gas, or products passes to buyers. The remaining N4.58 trillion was recognised over time, mainly from gas contracts and services.
NNPCL’s strong revenue performance in 2024 reflects a combination of higher crude production, improved market access, and expanded trading operations.
What the present administration of the NNPCL has proven to the world is that the company is profitable when properly managed. The new management of NNPCL has shown to the world that good management is in place and it has proven that the new NNPCL is ready to face the challenges within and outside of its operations. It has always been a big surprise over the years that NNPCL has been dragging its feet by not showing enough capacity building. What is happening by this pleasant report evince a much reliable financial report which goes to confirm that NNPCL is now a strong and profitable organization. The huge investments made to this company over the years by the federal government should be complemented with good result such as this. I am elated and joyful for this turn around which goes to confirm the ability and commitment of the present administration. Kudos to all the staff of NNPCL and its management team.