Abuja: The Nigerian National Petroleum Company Limited (NNPC Ltd.) has declared a Profit After Tax (PAT) of N5.4 trillion, based on a revenue of N45.1 trillion for its 2024 financial performance. This marks a significant 64 percent increase from the N3.3 trillion PAT recorded in 2023.
According to News Agency of Nigeria, Mr. Bashir Ojulari, the Group Chief Executive Officer of NNPC Ltd., disclosed these figures on Monday in Abuja during a briefing with newsmen about the company’s 2024 Financial Highlights. The results, released during an earnings call with analysts, were driven by an 88 percent year-on-year revenue surge to N45.1 trillion. This financial outcome underscores NNPC Ltd.’s strengthened financial resilience and improved operational efficiencies, as evidenced by the 64 percent rise in PAT and an increase in earnings per share to N27.07.
Ojulari attributed the successful financial performance to enhanced operational efficiency across NNPC’s assets, the positive impact of downstream market reforms, and a strict commitment to cost discipline. He emphasized that these results highlight the positive momentum of the company’s ongoing transformation and its commitment to delivering value to Nigerians, aligning with President Bola Tinubu’s mandate.
Building on its 2024 performance, NNPC Limited has unveiled a strategic roadmap aimed at sustaining growth, bolstering energy security, and supporting Nigeria’s energy transition through 2030. The plan prioritizes increased oil and gas production and outlines a $60 billion investment in pipelines across the energy value chain. Key targets include increasing crude oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030, as well as growing natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
Ojulari also mentioned that NNPC is reviewing the technical and commercial viability of refineries to enhance domestic energy security. Major gas infrastructure projects, such as the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines, are on track to strengthen domestic supply and regional integration.
NNPC Limited, founded in 1977 and now Nigeria’s leading oil and gas company, underwent a major transformation in July 2022. It became a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021, positioning itself as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.