NNPC Limited has reported a Profit After Tax of ₦5.4 trillion for 2024 on revenue of ₦45.1 trillion.
The results were released during the state oil company’s earnings call with analysts on Monday.
The 2024 numbers represent an 88 percent jump in revenue and a 64 percent rise in profit after tax from the previous year. Earnings per share also rose by 64 percent to ₦27.07, underscoring what the company describes as improved operational efficiency and financial resilience.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Group Chief Executive Officer Bashir Bayo Ojulari.
“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.”
Speaking during the call, Mr. Ojulari also outlined NNPC Limited’s strategic roadmap to sustain growth and reinforce energy security through 2030.
Central to the plan is a push to raise crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. The company also aims to expand natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030, supported by ongoing gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS) and the OB3 pipeline.
To deliver these targets, NNPC Limited is assembling a $60 billion investment pipeline spanning the upstream, midstream and downstream segments of Nigeria’s energy sector. The company says the investments will support both domestic supply and regional integration as Nigeria seeks to position itself as a key player in Africa’s energy transition.
“Our transformation is anchored on transparency, innovation and disciplined growth,” Mr. Ojulari said. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
NNPC Limited became a fully commercial entity under the Petroleum Industry Act (PIA) 2021, a shift that requires it to deliver value to shareholders while operating across the full oil and gas value chain. The company remains central to Nigeria’s energy security strategy and its broader fiscal stability.
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