The Nigerian National Petroleum Company Limited (NNPC Ltd) has released its 2024 financial results, showing Profit After Tax (PAT) of N5.4 trillion on revenue of N45.1 trillion.
The figures were presented during an earnings call with analysts and reflect one of the strongest performances since the company became a fully commercial entity.
According to a recent statement by Mr. Andy Odeh, Chief Corporate Communications Officer at NNPC Ltd, the results point to rising efficiency, stronger operations, and steady progress in the reforms that followed the Petroleum Industry Act of 2021.
According to the company, revenue grew by 88 percent compared to 2023 while PAT rose by 64 percent. Earnings per share also climbed to N27.07, marking a 64 percent increase.
In the statement, Mr. Bashir Bayo Ojulari, Group Chief Executive Officer, said that the numbers show the strength of the ongoing reforms and the dedication of the workforce. He noted that the performance provides a firm base for the ambitious expansion plans that will guide the company through the decade. He added that the company remains committed to delivering value in line with the mandate of President Bola Ahmed Tinubu.
A Long-Term Plan Backed by a $60 Billion Pipeline
The statement also noted that NNPC Limited used the earnings call to outline a roadmap focused on higher production, expanded gas infrastructure, and clean energy investments. The company aims to raise crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
Mr. Ojulari explained that the strategy is built around transparency, innovation, and disciplined growth. He said NNPC Ltd is shaping itself into a global energy player able to deliver sustainable returns while driving energy security for Nigeria and the continent.
According to the company, gas supply is a central part of the company’s plan. NNPC Ltd targets 10 billion cubic feet per day by 2027 and 12 bcf per day by 2030. Major projects expected to support these targets include the Ajaokuta Kaduna Kano pipeline, the Escravos Lagos Pipeline System, and the Obiafu Obrikom Oben pipeline. The company believes these will strengthen domestic supply and open new regional opportunities.
The company also plans to attract $60 billion in investments across the upstream, midstream, and downstream sectors by 2030. The goal is to boost production, expand infrastructure, and support Nigeria’s push toward cleaner and more sustainable energy sources.
NNPC Ltd has operated as a fully commercial company since July 2022. Its mandate covers exploration, production, refining, and distribution. The company says its transformation is aimed at improving efficiency and positioning it as a leader in Africa’s energy industry.
The 2024 audited financial statement will be published on the company’s website.
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