By Bassey Udo
The Nigerian National Petroleum Company (NNPC) Limited sustained its growth momentum in its performance in 2024 financial year, reporting a Profit After Tax of ₦5.4 trillion on total revenue of ₦45.1 trillion for the full year ended.
Details of the results shared on Monday during the company’s earnings call with analysts and financial journalists in Abuja underscore a year of strong operational delivery on all fronts.
Buoyed by the superlative performance, the Group Chief Executive Officer, Bashir Bayo Ojulari, unveiled the company’s strategic roadmap to drive sustained growth in key sectors to support Nigeria’s energy transition through 2030.
The plan, Ojulari said, would place priority on efforts to increase oil and gas production, while outlining a $60 billion investment pipeline across the country’s energy value chain.
Highlights of 2024 Financial performance showed the NNPC Limited’s results demonstrate strengthened financial resilience and enhanced operational efficiency:
With total revenue at ₦45.1Trillion, the company recorded a healthy 88 percent year-on-year growth, with Profit After Tax rising by about 64 percent year-on-year growth to ₦5.4 Trillion.
Further details showed earnings per share, about ₦27.07, or 64 percent year-on-year growth.
“The earnings highlight the positive momentum of our ongoing economic transformation and the unwavering commitment of our workforce,” said Ojulari.
“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 said.
On the Roadmap for Sustained Growth and Energy Security, Ojulari said the
NNPC Limited was accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade.
Key strategic targets under the road map include efforts to increase crude oil production capacity to 2 million barrels per day (bpd) by 2027 and k3 million bpd by 2030.
Also, the roadmap covers initiatives to growing the nation’s natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030 as well as complete major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-ObrikomOben (OB3) pipelines to strengthen domestic and regional supplies, while mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari said, adding that his management was positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns, while powering the future of Nigeria and Africa.”
NNPC Limited is Nigeria’s leading oil and gas company. Founded in 1977, the
organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.
The day the NNPC Limited plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.
