Nigeria’s national oil company, NNPC Limited, has announced a Profit After Tax of ₦5.4 trillion for the 2024 financial year, marking one of its strongest performances since its transition to a commercial entity under the Petroleum Industry Act (PIA).

The results, released during an earnings call with analysts on Monday, show a major leap in operational efficiency and revenue generation for the energy giant.

Strong 2024 Financial Performance

The company posted ₦45.1 trillion in revenue, an 88% year-on-year growth, while Profit After Tax surged by 64%, reflecting renewed financial discipline and improved output across its operations.
Other key metrics include:

• Revenue: ₦45.1 trillion

• Profit After Tax: ₦5.4 trillion

• Earnings Per Share: ₦27.07

Group Chief Executive Officer, Bashir Bayo Ojulari, described the results as a validation of the company’s ongoing transformation.

“These earnings highlight the positive momentum of our reforms and the resilience of our workforce. They provide a strong base for the growth ahead, in line with President Bola Ahmed Tinubu’s mandate,” Ojulari said.

NNPC Unveils Ambitious Energy Roadmap

Alongside the results, NNPC Limited rolled out a strategic roadmap aimed at driving growth through 2030 and accelerating Nigeria’s transition to a more diversified and secure energy future.

The plan includes:

• Raising 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.

• Completion of critical gas infrastructure including the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipeline to boost domestic supply and regional integration.

• Mobilising $60 billion in investments across upstream, midstream, and downstream segments.

Ojulari noted that the company remains focused on transparency, innovation, and disciplined capital deployment.

“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” he said.

About NNPC Limited

Established in 1977 and transformed into a fully commercial entity in 2022 under the PIA, NNPC Limited operates across the entire oil and gas value chain. The company plays a central role in ensuring Nigeria’s energy security and advancing national economic growth.