The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it recorded a Profit After Tax of N5.4 trillion from total revenue of N45.1 trillion for the full year ended 2024.
This is contained in a statement signed by the company’s Chief Corporate Communications Officer, Andy Odeh, on Monday.
According to the statement, “The results, shared during its earnings call with analysts, underscore a year of strong operational delivery.”
Odeh also said the Company unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030.
“The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain,” NNPC Ltd stated.
Strong financial performance in 2024
NNPC Ltd’s results, the statement said, highlight a surge in revenues and profits, signalling improved cost discipline, enhanced asset performance, and growing operational stability. Key numbers include:
- Revenue: N45.1 Trillion, 88% year-on-year growth
- Profit After Tax: N5.4 Trillion, 64% year-on-year growth
- Earnings Per Share: N27.07, 64% year-on-year growth
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer. “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 roadmap for sustained growth and energy security
NNPC Limited, the statement said, is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include:
- Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
- Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
- Mobilising $60 billion in investments across the 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.”
What you should know
In October, Nairametrics reports that NNPC Ltd posted a revenue of N4.27 trillion and a profit after tax of N216 billion for September 2025, reflecting a solid financial performance across its operations.
Earlier this month, the company set a target of attracting $60 billion in investments by 2030 through strategic partnerships aimed at driving Africa’s energy transformation.
What a dynamic change from the profits of the NNPC Limited. I am not totally surprised at the newly announced financial report of the company. This report ought to have been what NNPC Limited should be released to the Nigerian public. The huge investments to the NNPC Ltd by the government if wisely utilized, ought to have yielded a remarkable profits over the years. Kudos to the efficient management knowledge of Ojulari and his teams for this promising result. The Federal Government should have an internal audits of the past activities of the company following unfavorable reports from past activities of some aspects of the company. Special investigation should check what has happened to the reactivation of both Kaduna, Warri and Port Harcout refineries. The huge investments without any result should be investigated and the result be made public. With this outstanding result, NNPC Limited should consider going public for a better corporate governance. The NGX will be more than happy to welcome its joining other viable companies in the country. Once again, I sincerely join Nigerians in congratulating the NNPC Limited for this encouraging Annual Report.