Nigeria’s state-owned energy giant, NNPC Limited, has posted its strongest financial performance yet, announcing a profit after tax of ₦5.4 trillion for the 2024 financial year — a figure that places the company firmly among the world’s most profitable national oil companies.
The results, shared during its earnings call with analysts in Abuja on Monday, reflect what NNPC described as a year of rapid operational improvements, with revenue soaring to ₦45.1 trillion, an 88% jump compared to the previous year. Profit after tax expanded by 64%, while earnings per share climbed to ₦27.07.
Group Chief Executive Officer, NNPC Ltd, Bashir Bayo Ojulari said the results underscore the momentum behind the company’s transformation.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Ojulari noted.
“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.”
A Blueprint for the Next Decade
Beyond the headline numbers, NNPC used the briefing to map out an expansive strategic plan designed to carry the company — and Nigeria’s energy sector — into 2030. The blueprint includes an aggressive push in crude and gas production, major infrastructure delivery, and a sweeping investment pipeline valued at $60 billion.
At the heart of the strategy is a production boost aimed at lifting crude output to 2 million barrels per day by 2027 and 3 million bpd by 2030. For gas, the target is 10 bcf/d by 2027 and 12 bcf/d by 2030, underpinned by completion of key national infrastructure, including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS) and the Obiafu–Obrikom–Oben (OB3) line.
Ojulari explained that the company’s long-term positioning rests on disciplined expansion and global competitiveness.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” he said. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
A New Era for a Transformed National Champion
Since its transition into a fully commercial company under the Petroleum Industry Act in 2022, NNPC Limited has sought to revitalize operations and instill a profit-driven culture across its businesses. The 2024 results appear to signal the impact of those reforms, as the company deepens its role across the upstream, midstream and downstream segments.
With a multibillion-dollar investment plan on the horizon and a clear production-led growth agenda, NNPC’s leadership says it intends to deliver not only stronger financial performance but also long-term energy security for the country.
The company’s 2024 Audited Financial Statement has been released to the public.
