NNPC Reports ₦5.4 Trillion Profit After Tax, Outlines $60 Billion Strategic Investment Plan

The Nigerian National Petroleum Company (NNPC Limited) has reported a profit after tax of ₦5.4 trillion for the full year ended 2024, on the back of a revenue of ₦45.1 trillion, marking a significant year-on-year growth for the state-owned energy giant.

The figures, shared during an earnings call with analysts, reflect a strong operational performance and the company’s ongoing transformation efforts, according to Andy Odeh, NNPC’s Chief Corporate Communications Officer.

Financial Performance Highlights:

• Revenue: ₦45.1 trillion, up 88% compared to 2023

• Profit After Tax: ₦5.4 trillion, up 64% year-on-year

• Earnings Per Share: ₦27.07, representing 64% growth from the previous year

“The earnings underscore the positive momentum of our transformation initiatives and the dedication of our workforce,” said Bayo Ojulari, Group Chief Executive Officer of NNPC Limited. “They provide a solid platform for the ambitious growth agenda ahead, aligned with President Bola Ahmed Tinubu’s directive, while reinforcing our commitment to delivering tangible value to Nigerians.”

Strategic Roadmap for Growth and Energy Security

NNPC Limited also unveiled a strategic plan aimed at sustaining growth and supporting Nigeria’s energy transition through 2030. The roadmap prioritises increasing oil and gas production, developing domestic infrastructure, and investing in clean energy, backed by a $60 billion investment pipeline across the energy value chain.

Key targets include:

• Raising crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.

• Expanding natural gas output to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.

• Completing major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and enhance regional energy integration.

• Mobilising $60 billion in investments across upstream, midstream, and downstream sectors by 2030.

“Our transformation strategy is grounded in transparency, innovation, and disciplined growth,” Ojulari added. “NNPC Limited is positioning itself as a globally competitive energy company, delivering sustainable returns while powering Nigeria’s and Africa’s future.”

The report positions NNPC Limited as a key driver of Nigeria’s energy sector and highlights its role in meeting domestic energy demand, supporting economic growth, and facilitating the country’s transition to cleaner energy sources.