The Nigerian National Petroleum Company Limited has reported a record-breaking Profit After Tax of ₦5.4 trillion for its 2024 financial year, marking one of the strongest performances in its history and signalling renewed financial strength for Nigeria’s state-owned energy giant.
The results, announced during an earnings call with analysts and confirmed by the company’s Chief Corporate Communications Officer, Andy Odeh, reflect what the company describes as a year of “strong operational delivery.”
According to the audited figures, NNPC Limited recorded ₦45.1 trillion in revenue, an 88 percent increase from the previous year, while Profit After Tax grew by 64 percent. Earnings Per Share also rose by 64 percent to ₦27.07, underscoring what executives say is a sustained turnaround since the company’s transition to a fully commercial enterprise under the Petroleum Industry Act (PIA) of 2021.
Group Chief Executive Officer Bashir Bayo Ojulari said the robust financial performance demonstrates the momentum behind NNPC’s ongoing transformation. “These earnings highlight the positive impact of our reforms and the unwavering commitment of our workforce,” he said. “They provide a strong foundation for the ambitious growth we are pursuing, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
Building on the strong 2024 performance, NNPC Limited unveiled a strategic roadmap aimed at deepening investments across the energy value chain between now and 2030.
Central to the plan is an aggressive push to expand oil and gas production, modernise infrastructure, and accelerate Nigeria’s energy transition.
Boosting crude oil production to 2 million barrels per day (bpd) by 2027 and reaching 3 million bpd by 2030. They include expanding natural gas output to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030, completing flagship gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) pipeline to enhance domestic supply and regional export capacity and mobilising $60 billion in investments across upstream, midstream, and downstream operations by 2030.
Ojulari said the roadmap is anchored on transparency, innovation, and disciplined capital deployment.
“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” he added.
NNPC Limited said the full 2024 Audited Financial Statement will be published on its website. The company expressed confidence that the combination of strong financial results and an ambitious long-term investment plan will secure its position as a key driver of Nigeria’s economic and energy future.
