Nigeria’s state oil company, NNPC Limited, has announced its 2023 full-year audited results, revealing a record-breaking profit after tax of N3.29 trillion.
This marks a significant 31.6% increase from the N2.5 trillion profit recorded in 2022, setting a new benchmark as the largest corporate profit reported by any Nigerian company to date.
The company’s total revenue for the year stood at N23.9 trillion, with 89.1% of this amount, or N21.3 trillion, generated from domestic operations within Nigeria.
In a remarkable development, NNPC’s total assets have surged to N246.8 trillion, a figure that astonishingly surpasses Nigeria’s nominal gross domestic product (GDP) of N229.9 trillion for the year ended December 2023.
While GDP and corporate assets are fundamentally different metrics, this comparison highlights the sheer scale of NNPC’s financial stature within the Nigerian economy.
NNPC’s net assets, valued at N28.5 trillion, now represent approximately 12% of the nation’s GDP, surpassing the oil and gas sector’s contribution to the economy as of 2023.
Further emphasizing its financial strength, NNPC reported a significant increase in cash and cash equivalents by N5.232 trillion during the year, bringing its total cash balance to N7.7 trillion.
Revenue from services also saw a notable rise, reaching N464 billion, up from N100.5 billion in 2022, with substantial contributions from Nigeria and Cyprus.
This growth trajectory, coupled with the company’s expanding asset base, underscores NNPC’s pivotal role in the Nigerian economy and its potential influence on the global energy market.
