LAGOS, Nov 24 (Reuters) – Nigeria\u2019s state oil company NNPC Ltd said on Monday it recorded a net profit of 5.4 trillion naira ($3.6 billion) in 2024, up 64% from a year earlier.<\/p>\n
\u201cThe earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,\u201d Group Chief Executive Bashir Bayo Ojulari told analysts.<\/p>\n
Sign up here.<\/a><\/p>\n Ojulari said NNPC aims to mobilise $60 billion in energy investments by 2030, raise oil output to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, and boost gas production to 12 billion cubic feet per day by the end of the decade.<\/p>\n Nigeria has struggled to meet its OPEC+ quota in recent years due to theft, pipeline vandalism and underinvestment. Output averaged about 1.5 million bpd in 2024, below its 1.8 million bpd target, OPEC data shows.<\/p>\n Analysts say achieving NNPC\u2019s targets will require tackling security challenges and attracting foreign capital.<\/p>\n NNPC has been profitable since 2020, when it posted its first-ever profit, but faces scrutiny from lawmakers over spending.<\/p>\n The company restructured in 2022 to become a commercial entity under the Petroleum Industry Act, in preparation to sell shares to the public. It plays a key role in Africa\u2019s biggest oil producer, which is seeking to attract investment and curb chronic output shortfalls.<\/p>\n Reporting by Isaac Anyaogu Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n
\nEditing by Chijioke Ohuocha and Franklin Paul<\/p>\n