NNPCL declares N5.4 trn profit for 2024, targets 3m bpd output by 2030

Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it recorded a Profit After Tax of N5.4 trillion from total revenue of N45.1 trillion for the full year ended 2024. This is contained in a statement signed by the company’s Chief Corporate Communications Officer, Andy Odeh, on Monday. According to the statement, “The results, shared during its earnings call with analysts, underscore a year of strong operational delivery.”  Odeh also said the Company unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030.

“The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain,” NNPC Ltd stated. NNPC Ltd’s results, the statement said, highlight a surge in revenues and profits, signalling improved cost discipline, enhanced asset performance, and growing operational stability. NNPC according to the financials made a revenue of N45.1 trillion representing 88 per cent year-on-year growth. It said that Profit After Tax was N5.4 trillion, 64 per cent year-on-year growth; earnings per share stood at N27.07, 64 per cent year-on-year growth

Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC said “the earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said. “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.”

NNPC Limited, the statement said, is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include: increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030; growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration and Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”