The Nigerian National Petroleum Company Limited recorded a major jump in earnings from crude oil exports in twenty twenty four, generating N29.21 trillion from the commodity alone.
This figure is more than double the N14.07 trillion realised from crude sales in the previous year, according to the company’s newly published audited financial statements.
The strong revenue growth reflects a combination of higher output levels, stronger export demand, and wider access to international markets.
Crude oil remained the backbone of NNPCL’s performance, contributing the largest share of total revenue from customer contracts, which rose sharply to N45.08 trillion in twenty twenty four from N23.99 trillion the previous year.
The latest figures highlight Nigeria’s heavy reliance on crude earnings even as the national oil company continues expanding its gas and downstream operations.
The News Chronicle gathered that revenue streams beyond crude also recorded major improvements. Petroleum product sales increased to N9.68 trillion, up from N7.15 trillion in twenty twenty three, while natural gas revenue saw a significant jump, rising from N2.30 trillion to N5.20 trillion.
The company’s services segment, which includes marine logistics, gas transmission fees, seismic operations, and engineering services, more than doubled to N980.46 billion.
Nigeria remained the company’s most profitable market, delivering N34.41 trillion in total revenue, almost twice the N18.29 trillion recorded the previous year. The domestic market accounted for N19.59 trillion in crude sales, N9.68 trillion in petroleum products, and N4.16 trillion from natural gas. Switzerland was the second biggest contributor with N2.14 trillion, followed by Spain, the UAE, France, and Singapore.
At the standalone company level, NNPCL earned N19.66 trillion, compared to N8.13 trillion in twenty twenty three. Crude oil revenue rose from N7.03 trillion to N17.39 trillion, while natural gas earnings climbed to N2.10 trillion. Panama led as the most lucrative revenue source for the company’s direct operations, contributing N14.77 trillion from crude liftings.
The financial results indicate that most of NNPCL’s earnings, amounting to N40.49 trillion, were recognised immediately upon transfer of products to buyers. The remaining N4.58 trillion was realised over time, largely through gas contracts and service-related activities.
NNPCL’s twenty twenty four performance underscores the impact of improved production volumes, expanded trading networks, and wider access to global markets as Nigeria continues efforts to stabilise its oil sector. If you want a shorter version, headline alternatives, or a more business-analytical angle, I can refine it further.
