The Nigerian National Petroleum Company (NNPC Limited) reported a substantial rise in its financial performance for the full year ended 2024. The company posted a profit after tax of ₦5.4 trillion on revenue of ₦45.1 trillion, reflecting an 88 % year‑on‑year increase in revenue and a 64 % rise in profit after tax. This strong operational delivery is attributed to NNPC’s ongoing transformation and its commitment to transparency, innovation, and disciplined growth. The results were presented during an earnings call with analysts, where 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. Group Chief Executive Officer Bayo Ojulari noted that these earnings demonstrate the positive momentum of the company’s transformation and its dedication to delivering value to Nigerians.
To sustain growth and support Nigeria’s energy transition through 2030, NNPC Limited unveiled a strategic roadmap that prioritizes increased oil and gas production. The plan targets crude oil output of 2 million barrels per day by 2027 and 3 million barrels per day by 2030. Natural gas production is slated to rise to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030. Additionally, the company aims to mobilize $60 billion in investments across 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. Anchored in transparency, innovation, and disciplined growth, NNPC’s transformation positions it as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa. With this strategic roadmap in place, NNPC Limited is set to drive growth and support the country’s energy transition in the coming years.
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