New audited financials show oil sales doubled, gas income surged and global markets widened
The Nigerian National Petroleum Company Limited (NNPCL) more than doubled its crude oil revenue in 2024, earning N29.21 trillion compared with N14.07 trillion in 2023, according to the company’s newly released audited financial statements.
The surge was driven by higher production volumes, increased export liftings, and an expansion into more international markets. Crude oil remained the company’s dominant revenue source, contributing the largest share of NNPCL’s total income from customer contracts, which jumped to N45.08 trillion in 2024, up from N23.99 trillion the previous year.
Crude Still Dominates, But Gas and Products Grow
While the company continues to rely heavily on crude exports, other business lines also recorded strong performance.
- Revenue from petroleum products rose to N9.68 trillion, from N7.15 trillion in 2023.
- Natural gas revenue more than doubled, climbing from N2.30 trillion to N5.20 trillion, reflecting stronger domestic gas uptake and increased export flows.
- Income from services including seismic operations, marine logistics, engineering, and gas transmission also surged to N980.46 billion, up from N464.94 billion in 2023.
Nigeria Remains NNPCL’s Biggest Market
Nigeria accounted for the bulk of NNPCL’s earnings, generating N34.41 trillion in 2024, nearly double the N18.29 trillion posted in 2023.
The domestic market contributed:
- N19.59 trillion from crude oil
- N9.68 trillion from petroleum products
- N4.16 trillion from natural gas
- N973.45 billion from services
- N9.42 billion from power sales
Outside Nigeria, Switzerland ranked as NNPCL’s second-largest market with N2.14 trillion, largely from crude exports. Other top buyers included:
- Spain – N1.40 trillion
- United Arab Emirates – N1.26 trillion
- France – N1.19 trillion
- Singapore – N979.90 billion
Although the United Kingdom contributed N743.90 billion, this was lower than the N993.72 billion recorded in 2023. The 2024 statements also introduced new or smaller markets such as Italy, Vietnam and Cyprus, showing wider diversification of export destinations.
Company-Level Revenue Doubles to N19.66trn
At the standalone company level, NNPCL posted N19.66 trillion in revenue, more than double the N8.13 trillion recorded in 2023. Crude oil accounted for most of this figure, rising sharply from N7.03 trillion to N17.39 trillion.
Gas revenue also climbed to N2.10 trillion, while petroleum product income increased slightly from N151.79 billion to N158.81 billion.
In a surprising shift, Panama emerged as the largest revenue source for the company entity in 2024, contributing N14.77 trillion, mostly from crude liftings. Nigeria followed with N4.85 trillion, while Ghana accounted for N37.54 billion.
Revenue Recognition Shows Trading Strength
Most of NNPCL’s group revenue N40.49 trillion was recognised “at a point in time,” meaning income was booked once control of oil, gas or products was transferred to buyers. The remaining N4.58 trillion was recognised over time, mainly from gas contracts and service operations.
NNPCL Posts Strongest Year Yet
Overall, the company’s 2024 performance reflects a combination of higher crude production, improved market access, expanded trading operations and stronger gas utilisation, highlighting the continued importance of oil even as NNPCL works to deepen its presence in the gas and products markets.
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