Since 2020, the Nigerian National Petroleum Company Limited (NNPC) has seen a 1,048% profit increase, totalling ₦6.8 trillion over four years.
From nearly eliminating losses in 2019, NNPC achieved a 16,982% profit surge in 2020. The growth persisted with 135% in 2021 and 278% in 2022.
Despite a steady 29% increase in 2023, rising debts and fuel scarcity cast doubt on the sustainability of this success.
In 2022, Egypt, South Africa, Nigeria, Algeria, and Morocco collectively consumed an average of 2.712 million barrels of oil per day (Mb/d), 61% of the continent's daily oil consumption (4.478 Mb/d). African countries consumed 4.7% of the global usage (99.8 Mb/d).
Egypt used the most (850.5 thousand barrels per day (Kb/d)), followed by South Africa (601.2 Kb/d) and Nigeria (514.5 Kb/d).
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