The Nigerian National Petroleum Company Limited (NNPCL) has announced a substantial after-tax profit of N5.4 trillion for the 2024 fiscal year, representing a significant achievement and one of its best financial performances since becoming a limited liability entity.
Bayo Ojulari, the Group Chief Executive Officer of NNPCL, unveiled these impressive financial results at a press conference held in Abuja on Monday.
These latest figures signify a marked improvement compared to the 2023 financial year, during which the company reported an after-tax profit of N3.297 trillion.
The 2024 profit reflects a considerable 64% increase year-on-year, highlighting the positive effect of increased production levels, implemented cost reduction initiatives, and improved operational effectiveness across its various assets.
During the presentation of the results, Ojulari stated that the state-owned energy corporation also generated N45.1 trillion in revenue, demonstrating an impressive 88% growth compared to the previous year.
He emphasized that this performance demonstrates the “positive dynamics” of the organization’s ongoing transformation efforts, largely propelled by operational rigor and market modernizations.
Ojulari attributed the rise in earnings to measures focused on optimizing costs, improved production output, and favorable market dynamics throughout the company’s upstream, midstream, and downstream business divisions.
According to the detailed breakdown, NNPCL achieved N45.1 trillion in revenue (88% growth), N5.4 trillion in after-tax profit (64% growth), and N27.07 earnings per share, also indicating a 64% increase.
Ojulari stated, “The 2024 financial results we are disclosing today go beyond mere balance sheets and performance metrics. They embody discipline, progress, and the commitment of our teams nationwide. However, we acknowledge that numbers alone cannot fully convey the story. They require context, clarity, and easy-to-understand interpretation, which is where you, the media, play a crucial role.
“To provide that context, let me emphasize what these results truly mean. In 2024, NNPC Limited achieved an After-Tax Profit of N5.4 trillion, backed by N45.1 trillion in revenue.
“This outcome was driven by several vital factors: boosted operational efficiency across our holdings, the beneficial consequences of downstream market modernizations, and our unwavering dedication to fiscal prudence. Financially, we have never been on stronger footing or better prepared for the future.”
Ojulari also introduced a strategic roadmap aimed at sustaining growth in the long term and promoting Nigeria’s energy transformation agenda through 2030.
He revealed that the plan centers on increasing oil and gas production while attracting considerable investments across the complete value chain.
Ojulari mentioned that, according to the stated targets, NNPC Ltd aims to elevate crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
The GCEO also intends to expand natural gas production to 10 billion standard cubic feet per day in 2027 and 12 billion scf/d in 2030, concurrently finalizing significant infrastructure developments such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline.
He also noted that the company is actively looking to attract $60 billion in investments across the upstream, midstream, and downstream industries by the close of the decade.
“NNPC Limited is fast-tracking investments across upstream operations, gas infrastructure, and clean energy sources to prolong growth into the upcoming decade. Key strategic goals include: Securing $60 billion in investments across the upstream, midstream, and downstream domains by 2030.
“Our transformation is built on transparency, innovation, and well-managed growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy firm capable of generating consistent returns while fueling the future of Nigeria and Africa,” he said.
