NNPC Total Assets Exceed Nigeria’s GDP with N246 Trillion

Tuesday, 20 August 2024, 23:43

NNPC reports a staggering N246 trillion in total assets, surpassing Nigeria's GDP of N229.9 trillion. This significant growth emphasizes the company's dominance in the oil sector, as NNPC's profit after tax has surged to N3.29 trillion, marking a 31.6% increase from the previous year.
Nairametrics
NNPC Total Assets Exceed Nigeria’s GDP with N246 Trillion

NNPC Reports Record Financial Performance

Nigeria's state oil company, NNPC Limited, has recently announced its 2023 full-year audited results, boasting a profit after tax of N3.29 trillion. This figure indicates a remarkable 31.6% year-on-year growth compared to the N2.5 trillion profit reported in 2022, marking NNPC's position as the top profit-generating company in Nigeria.

Financial Highlights

  • Revenue: N23.9 trillion, a substantial increase from N8.8 trillion (171.5%)
  • Gross Profit: N7 trillion vs N2.1 trillion (233%)
  • Operating Expenses: N3.1 trillion vs N1.7 trillion (80.9%)
  • Operating Profit: N4.3 trillion vs N694.2 billion (525%)
  • Total Assets: N246.8 trillion vs N58.5 trillion (321%)

Surpassing Nigeria's GDP

Remarkably, NNPC's total assets of N246.8 trillion ($272 billion) exceed Nigeria's nominal GDP of N229.9 trillion. This figure speaks volumes about the scale of NNPC's operations and its critical role in the country's economy.

Revenue Sources

NNPC's revenue composition is diverse, showcasing strength in:

  • Crude Oil Sales: N14 trillion
  • Petroleum Product Sales: N7.1 trillion
  • Natural Gas: N2.3 trillion

Significant Contributions to Government

During the year, NNPC has also contributed significantly to government funds through taxes, royalties, and dividends. For instance:

  • Income tax paid was N497.2 billion
  • Royalties paid amounted to N669 billion
  • Dividends paid to the Federal Government were N546.6 billion

Outlook for NNPC

With no external loans, NNPC Limited's financial position remains strong, allowing it to continue investing in the nation’s energy infrastructure while driving considerable profit growth.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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