The Nigerian National Petroleum Company (NNPC Limited) has announced a profit after tax of ₦5.4 trillion for the 2024 financial year, marking one of the strongest earnings reports in the company’s history.
The result, delivered alongside a record ₦45.1 trillion in revenue, reflects what the energy giant describes as a year of “strong operational delivery.”
The performance figures were released during NNPC’s earnings call with analysts and later detailed in a statement from Andy Odeh, the Company’s Chief Corporate Communications Officer.
According to the statement, revenue rose by 88 percent year-on-year, while profit after tax increased by 64 percent. Earnings per share (EPS) also climbed by 64 percent, reaching ₦27.07.
Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, said the results capture the momentum of the company’s ongoing corporate transformation.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” he 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.”
Okay News reports that beyond the strong financial results, NNPC Limited has also unveiled an expansive strategic roadmap designed to guide Nigeria’s energy development through 2030.
Central to the plan is a significant scale-up of oil and gas production alongside an aggressive push into clean and transitional energy.
Key Strategic Targets
NNPC Limited outlined several ambitious goals aimed at strengthening Nigeria’s position as a regional energy leader:
• Boost crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030
• Increase natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030
• Complete major gas infrastructure, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, the Escravos-Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) pipeline
• Mobilise $60 billion in investment across the upstream, midstream, and downstream segments of the energy value chain
Ojulari said these priorities are designed to support national energy security, industrial development, and Nigeria’s broader transition toward cleaner fuels.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” he 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.”
