By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a Profit After Tax (PAT) of N5.4 trillion on a revenue of N45.1 trillion for 2024, marking a 64% increase from the N3.3 trillion PAT recorded in 2023.
Bashir Ojulari, Group Chief Executive Officer, disclosed the results on Monday in Abuja while briefing journalists on the company’s 2024 financial highlights. The earnings, released during an analysts’ call, were driven by an 88% year-on-year surge in revenue, reflecting strengthened operational efficiencies and enhanced financial resilience.
Earnings per share rose to N27.07, further highlighting the company’s robust performance. “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Ojulari said. “They provide a solid foundation for ambitious growth ahead, in line with President Bola Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
The GCEO attributed the results to improved operational efficiency across NNPC Ltd.’s assets, downstream market reforms, and strict cost discipline.
Building on its 2024 performance, NNPC Ltd. unveiled a strategic roadmap to sustain growth, bolster energy security, and support Nigeria’s energy transition through 2030. The plan includes a $60 billion investment across the energy value chain, focusing on oil and gas production, upstream operations, gas infrastructure, and clean energy initiatives.
Key targets outlined by Ojulari include:
- Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
- Expanding natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
- Completing major infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
Ojulari emphasized that NNPC Ltd.’s transformation is anchored on transparency, innovation, and disciplined growth, positioning the company as a globally competitive energy firm capable of delivering sustainable returns while powering the future of Nigeria and Africa.
Founded in 1977, NNPC Ltd. underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) 2021.
