The National Petroleum Regulatory Agency (NPRA) has reported a revenue upswing in Sierra Leone’s petroleum sector, which now contributes over 12% of domestic revenue.

Annual revenue climbed from NLe 480 million in previous years to NLe1.7 billion in 2024. The Authority targets over NLe2 billion for 2025, reflecting increased regulatory efficiency and expanded sector activity.

The surge, according to Executive Director of NPRA Brima Baluwa Koroma, is linked to strategic liberalization efforts that have increased the number of licensed petroleum importers from two to seven, enhancing competition and supply stability.

According to him, consumption patterns have also shifted, with districts like Moyamba registering an annual usage of 20 million liters, primarily driven by intensified mining operations.

He told Financial Standard, during an interview that the trends signal both growing industrial demand and a maturing energy sector, positioning petroleum as a key pillar in Sierra Leone’s fiscal sustainability and economic diversification agenda.