Nigeria’s state oil company, NNPC, announced a 28% rise in its yearly net profit, reaching 3.297 trillion naira ($2.14 billion), according to Reuters.
Despite economic and operational challenges, Chief Financial Officer Umar Ajiya highlighted the company’s improved performance. NNPC also declared a 2.1 trillion naira dividend and mentioned that plans for its initial public offering (IPO) would be announced once approved by shareholders and the board.
NNPC aims to produce 2 million barrels of crude oil per day by the end of the year, thanks to progress in fighting oil theft and pipeline damage.
Recently, Nigeria’s Navy Chief Emmanuel Ikechukwu Ogalla reported an increase in the country’s oil output to between 1.6 million and 1.7 million barrels per day, following enhanced security measures.
NNPC has been profitable since 2020, after posting losses in 2018 and 2019 during its transition to a commercial entity. The government expects this shift to bring more profit and accountability to the company, Reuters reports.