Nigeria’s National Oil Company Records 64% Jump In Profits To $3.6B

Nigeria’s state oil company, the Nigerian National Petroleum Company (NNPC), has reported it posted a net profit of 5.4 trillion naira ($3.6 billion) in 2024, good for a 64% jump from a year earlier as the pivotal industry continues to make a comeback. “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Bashir Bayo Ojulari, NNPC Group Chief Executive, told analysts. Nigeria has been struggling to meet its OPEC+ quota in recent years, thanks to years of underinvestment…