NNPC Limited has reported a Profit After Tax of ₦5.4 trillion for the full year ended 2024, on the back of revenue of ₦45.1 trillion, marking a robust year of operational performance. The results were disclosed during the company’s earnings call with analysts.
The company also unveiled a strategic roadmap aimed at sustaining growth and supporting Nigeria’s energy transition through 2030, including a $60 billion investment pipeline across the energy value chain.
2024 Financial Highlights:
Revenue: ₦45.1 trillion, up 88% year-on-year
Profit After Tax: ₦5.4 trillion, up 64% year-on-year
Earnings Per Share: ₦27.07, up 64% year-on-year
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Group Chief Executive Officer Bashir Bayo Ojulari. “They provide a solid foundation for ambitious growth, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
Strategic Roadmap for Growth:
NNPC Limited is targeting significant expansion across upstream operations, gas infrastructure, and clean energy. Key objectives include:
Raising crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
Increasing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030.
Completing major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines.
Mobilising $60 billion in investments across upstream, midstream, and downstream sectors by 2030.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
Founded in 1977 and transformed into a fully commercial entity under the Petroleum Industry Act (PIA) of 2021, NNPC Limited now operates across the entire oil and gas value chain, driving growth and energy security in Nigeria and beyond.
