NNPCL Posts 64% Profit Surge, Unveils $60bn Investment Push
The Nigerian National Petroleum Company Limited has announced a Profit After Tax of N5.4tn for the 2024 financial year, recording one of its strongest earnings since becoming a limited liability company and outpacing its 2023 performance by 64 per cent.
The Group Chief Executive Officer of NNPCL, Bayo Ojulari, revealed the figures during a press briefing on Monday in Abuja, highlighting the company’s significant financial leap, driven by higher production volumes, tighter cost controls and improved operational efficiency.
The company also posted N45.1tn in revenue, an 88 per cent year-on-year rise, which Ojulari described as evidence of the “positive momentum” from NNPCL’s transformation efforts and ongoing market reforms.
Ojulari said the surge in profitability stemmed from cost-optimisation measures, favourable market conditions and stronger output across the upstream, midstream, and downstream sectors. According to him, the breakdown shows N45.1tn in revenue (88 per cent growth), N5.4tn Profit After Tax (64 per cent growth), and N27.07 earnings per share, also up by 64 per cent.
He stated, “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.”
Providing further clarity, Ojulari said, “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.”
He also unveiled a long-term strategic roadmap designed to sustain growth and drive Nigeria’s energy transition through 2030, with targets that include raising crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
The plan also seeks to boost natural gas output to 10 billion standard cubic feet per day by 2027 and 12 billion scf/d by 2030, alongside completing major infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System and the Obiafu–Obrikom–Oben pipeline.
Ojulari added that NNPC Limited is targeting $60bn in new investments across the upstream, midstream and downstream sectors before the decade ends, saying, “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.”
He emphasised that the company aims to position itself as a globally competitive energy power house capable of delivering sustainable returns while driving Nigeria and Africa’s Energy Future
