NNPCL stormed into 2024 with a record-breaking performance, turning crude oil sales into ₦29.21 trillion.
This figure more than doubled the ₦14.07 trillion it earned in 2023, surprising even industry insiders.
Furthermore, higher production, stronger exports, and access to new international markets propelled this remarkable growth.
NNPCL Hits Record Revenue
Crude oil drove revenue, forming the largest share of total income from customer contracts.
Consequently, total revenue from contracts jumped to ₦45.08 trillion from ₦23.99 trillion the previous year.
Although NNPCL works to diversify, crude exports continue to dominate its income streams.
In addition, petroleum product sales climbed to ₦9.68 trillion, rising steadily from ₦7.15 trillion in 2023.
Natural gas revenue surged to ₦5.20 trillion as domestic demand grew and exports increased.
Moreover, the services segment, including engineering and marine operations, nearly doubled to ₦980.46 billion.
Domestic Market Leads
Nigeria remained NNPCL’s strongest market, contributing ₦34.41 trillion to total group revenue.
Domestic crude sales alone generated ₦19.59 trillion, highlighting Nigeria’s central role in profits.
Additionally, petroleum products added ₦9.68 trillion, while natural gas contributed ₦4.16 trillion locally.
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Services earned ₦973.45 billion, and power sales added another ₦9.42 billion in Nigeria.
Internationally, Switzerland, Spain, UAE, France, Singapore, and the United Kingdom led revenue generation.
Newer markets such as Italy, Vietnam, and Cyprus illustrate NNPCL’s deliberate diversification strategy.
Global Expansion Grows
NNPCL posted ₦19.66 trillion at the company level, more than doubling the previous year’s revenue.
Crude oil accounted for the majority of revenue, rising sharply from ₦7.03 trillion to ₦17.39 trillion.
Natural gas revenue climbed from ₦951.61 billion to ₦2.10 trillion as global demand increased.
Petroleum products rose modestly to ₦158.81 billion, maintaining steady growth.
Panama contributed the most, generating ₦14.77 trillion mostly from crude liftings.
Nigeria followed with ₦4.85 trillion, while Ghana added ₦37.54 billion to revenue.
Most group revenue, ₦40.49 trillion, occurred at a point in time, whereas the remaining ₦4.58 trillion came from ongoing contracts and services.
Overall, NNPCL achieved exceptional performance in 2024 by increasing production, expanding markets, and strengthening trading operations.
