The Nigerian National Petroleum Company Limited (NNPC Ltd) has declared an unprecedented Profit After Tax of N5.4 trillion for the 2024 financial year, generated from total revenue of N45.1 trillion.
The state-owned energy giant disclosed the figures on Monday during an earnings presentation to financial analysts, describing the performance as evidence of successful operational turnaround and stricter financial discipline.
Revenue for the year surged 88% compared to 2023, while profit after tax rose 64%, pushing earnings per share to N27.07 – also a 64% increase year-on-year.
Speaking on the results, Group Chief Executive Officer Bashir Bayo Ojulari said the outcome reflected the company’s ongoing transformation and the dedication of its workforce. “These numbers provide a strong platform to deliver on President Bola Ahmed Tinubu’s vision for the sector and to create lasting value for all Nigerians,” he stated.
Bold 2030 Roadmap Unveiled
Alongside the financial results, NNPC Ltd launched an ambitious strategic plan that targets a significant ramp-up in hydrocarbon production and the mobilisation of massive new investment.
Key production goals include:
– Lifting crude oil output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030
– Expanding natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030
To support these targets, the company aims to complete critical gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, the Escravos-Lagos Pipeline System (ELPS) expansion, and the OB3 pipeline.
NNPC Ltd also confirmed it is pursuing a $60 billion investment programme across the entire energy value chain between now and 2030, with a focus on upstream development, midstream infrastructure, downstream refining, and cleaner energy initiatives.
“Our strategy is built on transparency, innovation, and sustainable growth,” Ojulari emphasised. “We are determined to transform NNPC Ltd into a world-class energy company that drives Nigeria’s prosperity and contributes meaningfully to Africa’s energy future.”
The strong 2024 performance follows a pattern of improving finances. In September 2025 alone, the company recorded revenue of N4.27 trillion and a profit after tax of N216 billion, underscoring the momentum behind its commercial overhaul since transitioning to a limited-liability entity under the Petroleum Industry Act.
