NNPC announces N5.4trn profit after tax

The Nigeria National Petroleum Company Limited (NNPC Limited) has reported a Profit After Tax of ₦5.4 trillion for the 2024 financial year, earned from total revenue of ₦45.1 trillion. 

The figures, released during an earnings call with analysts, show a year marked by strong operations and improved performance.

With this momentum, the company also revealed a strategic plan aimed at long-term growth and supporting Nigeria’s energy transition agenda up to 2030.

The roadmap focuses on raising oil and gas production and includes a $60 billion investment pipeline across the entire energy value chain.

According to the company, its 2024 results reflect stronger financial stability and better operational efficiency, recording ₦45.1 trillion in revenue, an 88% increase from the previous year. Its Profit After Tax rose by 64% to ₦5.4 trillion, while Earnings Per Share also grew by 64% to ₦27.07.

The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce. They offer a solid foundation for the ambitious growth ahead, in line with President Bola Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians,” NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari said.

And under its roadmap for sustained growth and energy security according to a statement signed by its Chief Corporate Communications Officer (CCCO), Andy Odeh, NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade with key strategic targets which include increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration as well as mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.

Ojulari added, “Our transformation is anchored on transparency, innovation, and disciplined growth. We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

NNPC Limited is Nigeria’s leading oil and gas company. Founded in 1977, the organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.

The national oil company plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.

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