ABUJA, Nigeria (VOICE OF NAIJA)-The Nigerian National Petroleum Company Limited has reported a Profit After Tax of N5.4 trillion for the 2024 financial year, representing one of its strongest outcomes since becoming a limited liability company.
The Group Chief Executive Officer of NNPCL, Bayo Ojulari, disclosed the financial results during a Monday press briefing in Abuja.
The new figures show a significant rise compared to the 2023 financial year, when the company recorded a Profit After Tax of N3.297tn.
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The 2024 profit represents a 64 per cent year-on-year increase, driven by higher production levels, cost-reduction strategies, and improved operational efficiency across its assets.
While presenting the results, Ojulari noted that the state-owned energy firm also generated N45.1tn in revenue, an 88 per cent jump compared to the previous year.
He explained that the performance underscores the positive momentum of the company’s ongoing transformation efforts, largely powered by operational discipline and market reforms.
Ojulari linked the earnings boost to cost-optimisation initiatives, higher production output, and favourable market conditions across the upstream, midstream, and downstream divisions.
He stated that the breakdown shows NNPCL posted N45.1tn in revenue (88 per cent growth), N5.4tn Profit After Tax (64 per cent growth), and N27.07 earnings per share, also reflecting a 64 per cent increase.
Ojulari said, “The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress and the dedication of our teams nationwide. Yet, we recognise that figures alone cannot speak. They require context, clarity and accessible interpretation, and that is where you play a vital role.
“To provide that context, let me underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of N5.4tn, supported by N45.1tn in revenue.
“This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms and our unwavering commitment to cost discipline.
Financially, we have never been stronger or better positioned for tomorrow.”
Ojulari further revealed a long-term strategic roadmap designed to maintain growth and support Nigeria’s energy transition through 2030.
He explained that the plan centres on increasing oil and gas output and drawing major investments across the entire value chain.
According to him, under the newly outlined targets, NNPC Ltd intends to boost crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
The GCEO also aims to scale natural gas production to 10 billion standard cubic feet per day in 2027 and 12 billion scf/d in 2030, while completing major infrastructure projects such as the Ajaokuta–Kaduna–Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline.
He added that the company is also looking to attract $60bn in investments across the upstream, midstream, and downstream sectors before the decade ends.
“NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include: Mobilising $60bn in investments across the upstream, midstream, and downstream sectors by 2030.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” he said.