- The company aims to achieve significant increases in oil and gas production by 2030.
- NNPC Ltd invests heavily to support long-term energy security.
The Nigerian National Petroleum Company Limited (NNPC Ltd) 2024 profit milestone has reshaped expectations for NNPC. The company announced a Profit After Tax of N5.4 trillion from a total revenue of N45.1 trillion, marking its highest result to date. The NNPC 2024 profit milestone also reflects strengthened efficiency and a broader revenue base.
NNPC Ltd confirmed a 64 per cent rise in Profit After Tax compared with the N3.3 trillion earned in 2023. During a briefing in Abuja, the Group Chief Executive Officer, Mr Bashir Ojulari, presented detailed highlights to journalists and analysts. He noted that revenue grew by 88 per cent year-on-year, which signalled significant operational improvements.
Earnings per share rose to N27.07, showing greater financial stability. Ojulari explained that the figures demonstrate renewed performance across all business units. He added that the results align with the Federal Government’s objective to deliver higher value to Nigerians.
Several factors supported the strong outcome. Enhanced efficiency across assets contributed significantly, and downstream reforms created additional revenue advantages. Strict cost control also played a central role, ensuring that operational gains translated into more substantial financial returns.
The company unveiled a strategic roadmap designed to sustain growth and reinforce energy security through 2030. The plan includes a 60-billion-dollar investment across the entire energy value chain. It also aims to expand oil and gas production, which remains vital to national development.
NNPC aims to reach 2 million barrels per day of crude oil by 2027 and 3 million barrels per day by 2030. It is reviewing refinery operations to boost domestic supply and improve efficiency. The company is also expanding its natural gas ambitions by targeting 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.
Key pipeline projects such as AKK, ELPS, and OB3 remain active and are progressing to strengthen national and regional supply. Ojulari emphasised that transparency, innovation, and disciplined growth drive the company’s transformation. He stated that NNPC aims to operate as a globally competitive energy firm capable of delivering sustainable returns while powering Nigeria’s future.
NNPC Ltd, established in 1977, transitioned into a fully commercial entity in 2022, following the implementation of the Petroleum Industry Act of 2021. Its latest performance confirms the impact of this transformation and signals stronger prospects for the years ahead.