The Nigerian National Petroleum Company (NNPC) Limited has released its full-year 2024 financial results, reporting a profit after tax of ₦5.4 trillion from total revenue of ₦45.1 trillion.
The figures—presented during the Company’s earnings call with analysts—reflect a year of strong operational performance, according to a statement issued on Monday by NNPC Limited’s Chief Corporate Communications Officer, Andy Odeh.
Alongside the results, the Company unveiled a long-term strategic roadmap designed to sustain growth and advance Nigeria’s energy transition through 2030. The plan focuses on ramping up oil and gas production and outlines a $60 billion investment pipeline spanning the entire energy value chain.
2024 Financial Highlights
- Revenue: ₦45.1 trillion (88% year-on-year increase)
- Profit After Tax: ₦5.4 trillion (64% year-on-year increase)
- Earnings Per Share: ₦27.07 (64% year-on-year increase)
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bayo Ojulari, Group Chief Executive Officer. “They provide a strong platform for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
Roadmap for Sustained Growth and Energy Security
NNPC Limited reaffirmed that it is fast-tracking investments in upstream operations, gas infrastructure, and clean energy to secure long-term growth into the next decade.
Key strategic targets include:
- Expanding crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
- Increasing natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030, while completing major infrastructure projects—including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS), and the Obiafu–Obrikom–Oben (OB3) pipeline—to strengthen domestic supply and support regional energy integration.
- Mobilizing $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.”
