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 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.
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.