By Nchetachi Chukwuajah
The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax (PAT) of N5.4 trillion for the financial year ended 2024.
The company’s financial results were announced by the Group Chief Executive Officer of NNPCL, Bayo Ojulari, during a press briefing in Abuja on Monday, November 24.
The figures, one of NNPCL’s strongest performances since it transitioned into a limited liability company, represent a 64 per cent increase year-on-year from the N3.297 trillion PAT recorded in 2023.
Ojulari added that the company also recorded N45.1 trillion in revenue, representing 88 per cent year-on-year growth.
He said the performance demonstrated the “positive momentum” of the organisation’s ongoing transformation drive, driven largely by operational discipline and market reforms.
The GCEO said the increase in earnings were a result of cost-optimisation measures, improved production volumes and favourable market conditions across the company’s upstream, midstream and downstream segments.
A breakdown of the company’s financials showed that it recorded N45.1 trillion in revenue (88 per cent growth), N5.4 trillion PAT (64 per cent growth), and N27.07 earnings per share (64 per cent growth).
Ojulari said: “The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress and the dedication of our teams nationwide. Yet, we recognise that figures alone cannot speak. They require context, clarity and accessible interpretation, and that is where you play a vital role.
“To provide that context, let me underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of N5.4 trillion, supported by N45.1 trillion in revenue.
“This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms and our unwavering commitment to cost discipline. Financially, we have never been stronger or better positioned for tomorrow.”
The NNPCL GCEO further unveiled the company’s long-term strategic roadmap aimed at sustaining growth and advancing Nigeria’s energy transition through 2030.
According to him, the plan focuses on boosting oil and gas production and mobilising major investments across the oil and gas value chain by 2030.
He said the company is targeting an increase in crude oil output to two million barrels per day (bpd) by 2027 and three million bpd by 2030.
The GCEO also plans to expand natural gas production to 10 billion standard cubic feet per day in 2027 and 12 billion scf/d in 2030, alongside completing key infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline.
He said: “NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include: Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.
“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,”
