The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a robust Profit After Tax (PAT) of N5.4 trillion from total revenue of N45.1 trillion for the full year ended 2024, signaling strong operational performance and financial discipline. The announcement was made in a statement by the company’s Chief Corporate Communications Officer, Andy Odeh, on Monday.
“The results, shared during its earnings call with analysts, underscore a year of strong operational delivery,” the statement read. Odeh also highlighted NNPC Ltd’s strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030, underpinned by a $60 billion investment pipeline across the energy value chain.
Strong 2024 Financial Performance
NNPC Ltd’s annual results reflect a surge in revenue and profitability, boosted by enhanced asset performance, cost discipline, and operational stability:
- Revenue: N45.1 trillion (88% year-on-year growth)
- Profit After Tax: N5.4 trillion (64% year-on-year growth)
- Earnings Per Share: N27.07 (64% year-on-year growth)
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer. “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.”
Roadmap for Growth and Energy Security
NNPC Ltd is accelerating investments in upstream operations, gas infrastructure, and clean energy to maintain momentum into the next decade. Key strategic targets include:
- Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
- Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030.
- Completing major gas infrastructure projects, including Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines.
- Mobilising $60 billion in investments across 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.”
NNPC Ltd’s recent performance builds on a strong track record, with September 2025 reporting revenues of N4.27 trillion and a profit after tax of N216 billion, underscoring the company’s continued operational resilience and commitment to Africa’s energy transformation.