The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a Profit After Tax (PAT) of ₦5.4 trillion for the 2024 financial year, following a robust operational performance that saw total revenue rise to ₦45.1 trillion.
The results, presented during a media parley in Abuja and an earnings call with industry analysts, reflect an 88% growth in revenue and a 64% increase in profit after tax.
Earnings per share also rose by 64% to ₦27.07.
Group Chief Executive Officer, Bashir Bayo Ojulari said; “the strong performance demonstrates the positive impact of the company’s ongoing transformation and the commitment of its workforce.”
He noted that the results provide a strong foundation for NNPC Ltd’s next phase of growth, in line with President Bola Ahmed Tinubu’s mandate to strengthen national energy security and value creation.
Alongside the financial report, NNPC Ltd unveiled a strategic roadmap to drive sustained growth and accelerate Nigeria’s energy transition through 2030.
Key targets include;
- Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
- Expanding natural gas output to 10 billion standard cubic feet per day (bscf/d) by 2027 and 12 bscf/d by 2030.
- Completing major gas infrastructure projects, including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS), and the Obiafu–Obrikom–Oben (OB3) pipeline.
The company also plans to mobilise $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.
Ojulari said; “NNPC Ltd’s transformation is anchored on transparency, innovation, and disciplined growth, positioning the company as a globally competitive energy player capable of delivering sustainable returns while driving Nigeria’s economic future.”
Established in 1977 and fully commercialised under the Petroleum Industry Act (PIA) in 2022, NNPC Ltd continues to play a central role in Nigeria’s oil and gas value chain, supporting energy security and national development.