NNPCL Reports N5.4trn Profit After Tax For 2024

The Nigeria National Petroleum Company Limited (NNPCL) has announced its financial performance for the full year ended 2024, reporting a Profit After Tax (PAT) of N5.4 trillion on revenue of N45.1 trillion.

The results, shared during its earnings call with analysts, underscored a year of strong operational delivery.

Building on this performance, 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 Limited’s results demonstrated strengthened financial resilience and enhanced operational efficiency.

A breakdown of the audited financial results for 2024 showed that revenue grew to N45.1trillion, indicating an 88 per cent increase year-on-year.
Also, Profit After Tax rose by 64 per cent year-on-year to N5.4 trillion, while earnings per share stood at N27.07, representing a 64 per cent year-on-year growth.

“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” the group chief executive officer, Bashir Bayo Ojulari, said on Monday.

“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,” Ojulari added.

Ojulari also said the NNPCL was 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.”

NNPC Limited is Nigeria’s leading oil and gas company. Founded in 1977, the organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021. Today, NNPC Limited plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.