A policy advocacy group, the Centre for Energy Accountability and Reform, CEAR, has urged regulators, industry players, and political actors to desist from distracting the Nigerian National Petroleum Company Limited (NNPC Ltd.) to ensure the continuous restoration of Nigeria’s petroleum value chain.
The centre noted that the Profit After Tax of N5.4 trillion for the 2024 financial year, as released by the NNPC, represents the strongest demonstration of the drive toward operational efficiency, transparency, and investment.
In a statement on Tuesday in Abuja, CEAR’s Executive Director, Dr. Ibrahim Ahmed, described the performance as an affirmation that Nigeria’s oil industry is responding to commercial reforms.
Recall that the NNPC recently announced the 2024 Profit After Tax during a briefing in Abuja, confirming a 64 percent year-on-year jump from the N3.297 trillion recorded in 2023.
Revenue also rose sharply to N45.1 trillion, reflecting an 88 percent surge, supported by higher production volumes and strengthened downstream reforms.
The Centre said the results could only have been possible with NNPC’s transformation into a limited liability company, the stabilising of operations, tightening of cost structures, and restoration of investor confidence — especially at a time when global capital is increasingly sensitive to governance standards.
“This profit performance is not accidental. It reflects a deliberate, disciplined shift in how NNPC Limited is run, one that prioritises efficiency, transparency, and commercial viability. Under the current management, NNPC has shown that a national oil company can be profitable, globally competitive, and strategically aligned with national development goals,” the statement read.
The Centre said the ongoing reforms across the upstream, midstream, and downstream sectors are beginning to correct years of inefficiency, vandalism, underinvestment, and regulatory conflicts.
While acknowledging the decline in foreign exchange earnings reported in the 2024 statement, the Centre said the shortfall underscores the need for sustained reforms to boost production, expand gas output, and deepen value addition rather than crude export dependence.
“The path to long-term stability must be investment-led and production-driven. NNPC Limited’s plan to raise crude output to two million barrels per day by 2027 and three million barrels per day by 2030 is the type of ambition the sector requires. Likewise, the move to scale gas production to 12 billion standard cubic feet per day by 2030 shows strategic foresight.
“Regulators, industry players, and political actors must avoid distractions and continue supporting the reforms that are restoring credibility to Nigeria’s petroleum value chain,” the statement added.
Hands off NNPC- Centre urges support to restore oil value chain
