The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a Profit After Tax (PAT) of N5.4 trillion for the 2024 financial year, reflecting substantial growth in its operational and commercial performance. The state-owned energy giant achieved this result on the back of total revenue amounting to N45.1 trillion.
GCEO of the company, Mr. Bashir Ojulari, revealed the figures during a media briefing in Abuja on Monday while presenting the firm’s audited 2024 financial highlights. He noted that the earnings call held with analysts showed an 88% year-on-year surge in revenue, marking one of the company’s strongest performances since its transition into a commercial entity.
According to Ojulari, the company posted a 64% increase in PAT, with earnings per share rising to N27.07 — a sign of enhanced efficiency, strengthened operational discipline, and improved financial resilience across its assets.
He credited the outcome to key performance drivers, including heightened operational efficiency across the value chain, benefits from ongoing downstream reforms, and firm cost-management approaches.
“These earnings reflect the strong momentum of our transformation agenda and the dedication of our workforce,” he stated. “They set a solid foundation for future expansion, aligned with President Bola Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
Building on its 2024 achievements, NNPC Ltd. has unveiled a multi-phase strategic roadmap designed to drive growth, enhance energy security, and advance Nigeria’s energy transition objectives through 2030. The plan incorporates a proposed $60 billion investment pipeline across the energy ecosystem.
Ojulari also highlighted priority targets such as raising crude oil output to two million barrels per day (bpd) by 2027 and achieving three million bpd by 2030. The company is reviewing the commercial and technical viability of its refineries to boost domestic supply security.
Additionally, the firm plans to scale natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030. Key infrastructure projects — including the Ajaokuta-Kaduna-Kano (AKK) gas line, Escravos-Lagos Pipeline System (ELPS), and the OB3 pipeline — are expected to play a pivotal role in strengthening national and regional energy stability.
“Our transformation is guided by transparency, innovation, and disciplined execution,” Ojulari said. “We are positioning NNPC Ltd. as a global-standard energy company committed to delivering sustainable returns while powering the future of Nigeria and Africa.”
Founded in 1977, NNPC underwent a historic transformation in July 2022 under the Petroleum Industry Act (PIA), transitioning into a fully commercial, profit-oriented entity. Prior to the latest financial year, the company reported a profit after tax of N3.3 trillion in its 2023 Audited Financial Statement.
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