NNPC Limited has reported a Profit After Tax of ₦5.4 trillion for the 2024 financial year, marking one of the company’s strongest performances since its transition into a fully commercial entity.
The state-owned energy giant generated ₦45.1 trillion in revenue, reflecting an 88% year-on-year rise driven by stronger operational efficiency and improved oil and gas output.
The company also disclosed that earnings per share rose to ₦27.07, advancing 64% from the previous year and signalling strengthened financial resilience. “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Group Chief Executive Officer Bashir Bayo Ojulari.
Transformation Strategy and Growth Outlook
Ojulari said the company’s performance provides a solid base for its long-term growth ambitions as it aligns with the Federal Government’s broader energy objectives. “They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians,” he added during the earnings call.
To sustain this momentum, NNPC has unveiled a strategic roadmap that outlines an investment pipeline of $60 billion across the energy value chain through 2030. The company said the investments will span upstream oil production, gas expansion, midstream processing and clean energy projects.
Production Expansion and Energy Security Plans
NNPC plans to ramp up crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030 under its upstream expansion programme. The strategy includes accelerating exploration activities, stabilising joint venture production, and unlocking new assets to support long-term supply growth.
In the gas segment, output is projected to rise to 10 bcf/d by 2027 and 12 bcf/d by 2030, supported by major infrastructure projects like the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and the Obiafu-Obrikom-Oben (OB3) pipeline.
These pipelines are expected to deepen domestic supply, strengthen industrial hubs and support regional energy integration.
NNPC’s Future as a Competitive Energy Company
Ojulari said the company’s transformation is anchored on transparency, innovation and disciplined investment across the value chain. “Our transformation is anchored on transparency, innovation, and disciplined growth,” he said, noting that NNPC aims to position itself as a globally competitive energy company that can deliver strong returns.
According to him, the long-term plan is to build a diversified portfolio capable of powering Nigeria’s energy future while supporting Africa’s industrial growth. This commitment aligns with NNPC’s evolution under the Petroleum Industry Act, which transformed it into a profit-driven enterprise in July 2022.
