NNPC Limited has announced a robust financial performance for the 2024 fiscal year, reporting a Profit After Tax of ₦5.4 trillion and revenue of ₦45.1 trillion.
The results signal one of the company’s strongest outings since its transition to a fully commercial entity under the Petroleum Industry Act.
In a statement released by the Chief Corporate Communications Officer, Andy Odeh, the company said the earnings reflect strengthened financial resilience and sustained operational efficiency.
According to the statement, the 88% year-on-year growth in revenue and 64% rise in profit underscore NNPC Limited’s transformation drive and its commitment to delivering long-term value.
“This performance provides a solid foundation for the ambitious growth we are pursuing across the entire energy value chain,” the statement added.
Speaking during the earnings call, the Group Chief Executive Officer, Bashir Bayo Ojulari, described the results as a testament to the Company’s ongoing reforms and the dedication of its workforce.
“The earnings highlight the positive momentum of our transformation and reaffirm our commitment to Nigerians,” Ojulari said.
“They create room for the strategic investments we are making to support energy security and drive Nigeria’s development.”
2030 Target of 3 Million BPD
Building on the strong financials, NNPC Limited unveiled a long-term roadmap aimed at sustaining growth and strengthening the country’s energy infrastructure into the next decade.
The plan includes scaling crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, while boosting natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030.
The company also emphasised the importance of ongoing gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, the Escravos-Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) gas pipeline, describing them as critical to domestic supply, industrial growth, and regional integration.
Ojulari further revealed that NNPC Limited is mobilising a $60 billion investment pipeline across the upstream, midstream, and downstream sectors by 2030.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” he stated.
“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 Company affirmed that the 2024 Audited Financial Statement will be made available on its official website.
