NNPC Limited has announced a Profit After Tax of ₦5.4 trillion for the 2024 financial year, marking one of its strongest performances since its transition into a commercial entity under the Petroleum Industry Act (PIA). The profit was recorded from total revenue of ₦45.1 trillion, according to the company’s audited results presented during its earnings call with analysts.
The figures reflect significant year-on-year growth, with revenue rising by 88 per cent and profit after tax increasing by 64 per cent. Earnings per share also climbed to ₦27.07, representing a 64 per cent jump.
Group Chief Executive Officer, Bashir Bayo Ojulari, described the performance as evidence of the company’s strengthened operational efficiency and financial resilience.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Ojulari said. “They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
NNPC Rolls Out Strategic Roadmap to 2030
Alongside the earnings announcement, NNPC Limited unveiled a long-term investment roadmap designed to support Nigeria’s energy transition and sustain growth into the next decade.
Key targets outlined by the company include:
- Raising crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
- Increasing natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030.
- Fast-tracking completion of major gas infrastructure projects such as the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS), and the Obiafu–Obrikom–Oben (OB3) pipeline.
- Mobilising $60 billion in investments across the upstream, midstream and downstream sectors by 2030.
Ojulari said the company’s transformation agenda remains centred on transparency, innovation and disciplined growth.
“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.
A New Era for Nigeria’s National Energy Company
NNPC Limited, founded in 1977, underwent a major structural overhaul in July 2022 following the passage of the PIA, transitioning into a fully commercial, profit-driven organisation. It now plays a central role across the oil and gas value chain—from exploration and production to refining, trading and distribution.
The company noted that its full 2024 Audited Financial Statement will be available on the NNPC website.
