The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a Profit After Tax (PAT) of N5.4 trillion on a revenue of N45.1 trillion for 2024, marking a 64 per cent increase from the N3.3 trillion PAT recorded in 2023.
Mr Bashir Ojulari, Group Chief Executive Officer of NNPC Ltd., disclosed the results on Monday in Abuja while briefing journalists on the company’s 2024 financial highlights. Earnings per share rose to N27.07, reflecting stronger operational efficiency and financial resilience.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce. They provide a solid foundation for ambitious growth and reaffirm our commitment to delivering value to Nigerians,” Ojulari said.
The performance surge was driven by enhanced operational efficiency, downstream market reforms, and strict cost discipline.
NNPC Ltd. also unveiled a strategic roadmap through 2030 aimed at sustaining growth, strengthening energy security, and supporting Nigeria’s energy transition. Key targets include:
Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
Expanding natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
Reviewing refinery operations to strengthen domestic energy security.
Completing major gas infrastructure projects, including 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 Ltd. as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” Ojulari added.
Founded in 1977, NNPC Ltd. became a fully commercial, profit-driven entity in July 2022 under the Petroleum Industry Act (PIA) 2021, marking a major shift in its governance and operational model.
