The Nigerian National Petroleum Company (NNPC Limited) has reported a significant increase in its financial performance for the full year ended 2024. The company announced a profit after tax of ₦5.4 trillion on revenue of ₦45.1 trillion, marking an 88% year-on-year growth in revenue and a 64% year-on-year growth in profit after tax.
The strong operational delivery is attributed to the company’s ongoing transformation and commitment to transparency, innovation, and disciplined growth. The results were shared during an earnings call with analysts, where the company’s Chief Corporate Communications Officer, Andy Odeh, highlighted the year’s achievements.
Key financial highlights for 2024 include revenue of ₦45.1 trillion, profit after tax of ₦5.4 trillion, and earnings per share of ₦27.07, representing a 64% year-on-year growth. According to Bayo Ojulari, Group Chief Executive Officer, the earnings demonstrate the positive momentum of the company’s transformation and its commitment to delivering value to Nigerians.
To drive sustained growth and support Nigeria’s energy transition through 2030, NNPC Limited has unveiled a strategic roadmap. The plan prioritizes increased oil and gas production, with key targets including increasing crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. The company also aims to grow natural gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.
Additionally, NNPC Limited plans to mobilize $60 billion in investments across the upstream, midstream, and downstream sectors by 2030. The investment pipeline will focus on accelerating growth across the energy value chain, including major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano, Escravos-Lagos Pipeline System, and Obiafu-Obrikom-Oben pipelines.
The company’s transformation is anchored on transparency, innovation, and disciplined growth, positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa. With its strategic roadmap in place, NNPC Limited is set to drive growth and support the country’s energy transition in the coming years.