NNPC Limited has announced a Profit-After-Tax of ₦5.4 trillion for the 2024 financial year, marking one of its strongest performances since its transition into a fully commercial entity.
The figure represents a 64% increase from the previous year, while revenue surged by 88% to ₦45.1 trillion, underscoring what the Company described as a year of “strong operational delivery.”
The results were unveiled on Monday during a news conference at the Company’s headquarters in Abuja where the Group Chief Executive Officer, Bashir Ojulari, said the Company’s performance reflects the momentum of its ongoing reforms and the commitment of its workforce.
According to him, the results also support President Bola Tinubu’s mandate to strengthen energy security, expand investment, and position NNPC Limited as a globally competitive energy company.
Ojulari said the Company is now entering a new phase defined by transparency, disciplined growth, and strategic positioning to drive Nigeria’s energy transition agenda.
Building on the strong 2024 numbers, NNPC Limited also unveiled an ambitious long-term strategic roadmap designed to sustain growth and support Nigeria’s evolving energy needs through 2030. Central to this plan is the goal of increasing crude oil output to two million barrels per day by 2027 and hitting three million barrels by 2030.
The Company says it also aims to grow natural gas production to 12 billion cubic feet per day and deliver major infrastructure projects including the Ajaokuta-Kaduna-Kano, AKK gas pipeline, the Escravos-Lagos Pipeline System, ELPS, and the Obiafu-Obrikom-Oben, OB3 pipeline.
A significant component of the roadmap includes a $60 billion investment pipeline across the upstream, midstream, and downstream sectors.
Ojulari said the new investments are expected to deepen exploration, expand processing capacity, strengthen domestic gas delivery, and unlock new revenue streams for the country.
He added that the current leadership at NNPC Limited is also undertaking a rigorous technical and financial review of Nigeria’s refineries.
The process, he explained, is aimed at ensuring that the decisions made regarding rehabilitation, operation, or partnerships are based on transparent analysis and positioned to deliver sustainable value for Nigerians.
NNPC Limited, established in 1977 and transformed into a limited liability company in 2022 under the Petroleum Industry Act, PIA, now operates as a profit-driven organisation competing at par with international energy companies.
The Company said its 2024 audited financial statement will be published on its website, as part of its transparency and accountability commitments.
(Editor: Terverr Tyav)
