Business
NNPC Limited Announces Impressive 2023 Fiscal Year Profits of N3.3 Trillion
The Nigerian National Petroleum Company (NNPC) Limited has some exciting news to share. In their recent media briefing on Monday, the chairman of the NNPC board, Pius Akinyelure, announced a substantial profit of N3.3 trillion for the 2023 fiscal year. This marks a remarkable increase from the N2.54 trillion profit reported in 2022.
Akinyelure proudly highlighted that this impressive jump in profits is a testament to the company’s financial resilience and strategic foresight. It is indeed a significant milestone for NNPC as it has been a long road to achieve such numbers.
Just think about it – back in 2018, the company recorded a loss of N803 billion and even posted another loss of N1.7 billion in 2019. But things started looking up in 2020 when NNPC turned things around with a profit of N287 billion, followed by an even higher profit of N674.1 billion in 2021.
But wait, there’s more good news! Not only did NNPC see an increase in profits, but its revenue also saw a gigantic leap last year, soaring to N24 trillion from N8.81 trillion in 2022.
These outstanding figures show how much progress NNPC has made over the years and how it continues to grow as one of Nigeria’s leading national petroleum companies.
Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.
Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.
In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.
“We have now announced a new price of N899.50 per litre.
This reduction is designed to ease transport costs during the festive period,” he said.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”
In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.
Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.
This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.
Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.
The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.
Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.
This now secures Nigeria’s oil production as the top in the Africa Oil Production.
The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.
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