The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a profit after tax of N5.4 trillion for the 2024 financial year, representing a 63.6% jump from the N3.3 trillion recorded in 2023.
The company’s revenue nearly doubled to N45.07 trillion from N23.9 trillion the previous year, while profit before tax rose to N9.55 trillion from N5.98 trillion.
Releasing the audited financial statements on Monday, Group Chief Executive Officer, Engr. Bayo Ojulari, attributed the sharp increase largely to favourable foreign exchange movements during the year.
He described the results as proof of the company’s successful transformation journey and the dedication of its staff, adding that the strong performance aligns with President Bola Tinubu’s directive to maximise value from Nigeria’s hydrocarbon resources.
NNPC Ltd also declared a dividend of N4.3 trillion, equivalent to N27.07 per share.
Ambitious Production and Investment Targets Reaffirmed
Ojulari reiterated the corporation’s long-term growth plan, which includes:
– Raising crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030
– Scaling natural gas output to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030
– Completing flagship pipeline projects such as the Ajaokuta-Kaduna-Kano (AKK) line, the expanded Escravos-Lagos Pipeline System (ELPS), and the OB3 pipeline
– Attracting $60 billion in new investment across the entire oil and gas value chain by 2030
Refinery Overhaul Decision Slated for Mid-2026
On the future of Nigeria’s four government-owned refineries, the GCEO said a final strategic decision will be taken around mid-2026.
He disclosed that NNPC Ltd is in advanced discussions with experienced private refinery operators for potential co-operation agreements under which the private partners would take the lead in operations and bring both technical expertise and fresh capital.
“We are not looking for government-to-government partnerships,” Ojulari clarified. “As a CAMA company, we want credible private entities that already run successful refineries to co-operate with us, provide the technical muscle, and manage day-to-day operations while we focus on enabling the business.”
He cautioned that it was still premature to announce firm restart dates, but pledged that clearer timelines would emerge by the middle of next year once partnership structures are finalised.
The 2024 financial results mark the second consecutive year of multi-trillion-naira profits for the national oil company since its transition to a commercial entity under the Petroleum Industry Act.
