IN A LANDMARK announcement that signals a robust financial turnaround, the Nigerian National Petroleum Company Limited (NNPC Ltd) has declared a Profit After Tax of ₦5.4 trillion for the full year ended 2024.
The result, driven by a substantial 88% year-on-year surge in revenue to ₦45.1 trillion, marks a period of strengthened operational delivery and financial resilience for Nigeria’s state-owned energy company.
The figures, disclosed during an earnings call with financial analysts, underscore the most profitable year in the company’s recent history.
The ₦5.4 trillion profit represents a 64% increase from the previous year, with Earnings Per Share also rising commensurately to ₦27.07.
This performance provides a tangible measure of the company’s ongoing transformation since it became a fully commercial, profit-driven entity under the Petroleum Industry Act of 2021.
Bashir Bayo Ojulari, the Group Chief Executive Officer, hailed the results as a testament to the company’s strategic shift.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Mr. Ojulari stated, adding: “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.”
Building on this record performance, the company unveiled a comprehensive strategic roadmap designed to sustain this growth trajectory through the end of the decade.
The plan is centred on significantly boosting Nigeria’s oil and gas output and mobilising a massive investment pipeline of $60 billion across the entire energy value chain.
Key targets outlined in the strategy include a dramatic increase in crude oil production to 2 million barrels per day by 2027 and 3 million by 2030.
In parallel, natural gas production is slated to grow to 10 billion cubic feet per day by 2027 and 12 billion by 2030.
To support this, NNPC pledged to complete critical gas infrastructure projects, such as the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) pipelines, which are vital for strengthening domestic energy supply and regional integration.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added, positioning the announcement as a broader corporate mission. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
The 2024 Audited Financial Statement, which will provide further granular detail on the company’s financial health, has been made available on the NNPC Limited corporate website. This announcement solidifies NNPC’s pivotal role in driving Nigeria’s economic ambitions and its evolving position in the global energy landscape.
