The Nigerian National Petroleum Company Limited (NNPCL) has released its full‑year 2024 financial results, reporting a profit after tax of N5.4 trillion on revenue of N45.1 trillion. This reflects an 88 % year‑on‑year increase in revenue and a 64 % rise in profit after tax. Earnings per share reached N27.07, also up 64 % from the previous year.
Chief Corporate Communications Officer Andy Odey attributed the strong performance to NNPCL’s ongoing transformation and its commitment to transparency, innovation, and disciplined growth. He outlined the company’s strategic roadmap, which aims to sustain growth and support Nigeria’s energy transition through 2030. The plan prioritises higher oil and gas production and details a $60 billion investment pipeline across the energy value chain.
Group Chief Executive Officer Bashir Bayo Ojulari said the results demonstrate the positive momentum of the transformation and the firm’s dedication to delivering value to Nigerians. He emphasized that NNPCL is positioning itself as a globally competitive energy company capable of generating sustainable returns while powering the future of Nigeria and Africa.
The financial outcomes and strategic roadmap align with President Bola Ahmed Tinubu’s mandate to drive economic growth and development in Nigeria. By focusing on transparency, innovation, and disciplined growth, NNPCL is expected to positively impact the country’s energy sector and broader economy.
Given its role as a state‑owned oil firm and its contribution to the national economy, NNPCL’s performance and plans are significant. The company’s commitment to delivering value, sustaining growth, and supporting Nigeria’s energy transition is crucial for economic development and energy security. As it advances its strategic roadmap, NNPCL is poised to play an increasingly important role in shaping Nigeria’s energy future and fostering economic growth.
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