Nigeria National Petroleum Corporation (NNPC) Limited has reported a Profit After Tax of ₦5.4 trillion for the 2024 financial year, driven by strong operational performance and significant revenue growth. The national energy company disclosed the results during its earnings call with analysts on Monday in Abuja.
In a statement, Chief Corporate Communications Officer, NNPC Limited Andy Odeh said the company recorded revenue of ₦45.1 trillion, representing an 88 per cent year-on-year increase, while profit rose by 64 per cent. Earnings per share also grew by 64 per cent to ₦27.07.
Group Chief Executive Officer, Bashir Bayo Ojulari, said the strong results reflect the continued progress of the company’s transformation under the Petroleum Industry Act. “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” he said. “They offer a solid foundation for the ambitious growth ahead and reaffirm our commitment to delivering value to Nigerians.”
Ojulari said NNPC Limited is laying out a strategic roadmap to sustain growth and support Nigeria’s energy transition through 2030. Central to the plan is a $60 billion investment pipeline across the upstream, midstream and downstream segments of the energy value chain.
Key targets include raising crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, as well as boosting natural gas output to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030. The company also aims to accelerate 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) line.
“Our transformation is anchored on transparency, innovation and disciplined growth,” 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.”
Established in 1977 and commercially restructured in 2022, NNPC Limited remains the country’s leading integrated energy company, operating across exploration, production, refining, gas infrastructure and product distribution. It continues to play a central role in Nigeria’s energy security and economic development.
