The Nigeria National Petroleum Company Limited (NNPCL) has reported a Profit After Tax (PAT) of N5.4 trillion for the full year ended 2024, marking a 64 per cent increase from the previous year.
The company also recorded revenue of N45.1 trillion, up 88 per cent year-on-year.
The results, shared during an earnings call with analysts, highlight NNPCL’s strengthened financial resilience and operational efficiency. Earnings per share rose to N27.07, reflecting the company’s robust performance.
Speaking on Monday, Group Chief Executive Officer, Bashir Bayo Ojulari, said the results “highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.”
He added that the performance provides a solid foundation for ambitious growth plans aligned with President Bola Ahmed Tinubu’s mandate.
Ojulari outlined NNPCL’s strategic roadmap through 2030, prioritising increased oil and gas production and accelerated investments across upstream operations, gas infrastructure, and clean energy. Key targets include raising crude oil output to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, alongside growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030.
The company is also mobilising $60 billion in investments across the upstream, midstream, and downstream sectors, with major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines.
“Our transformation is anchored on transparency, innovation, and disciplined growth.
“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” Ojulari said.
