NNPC’s Annual Profit Surges 64% as Revenue Hits N45trn
The Nigerian National Petroleum Company Limited (NNPC) has reported a profit after tax of N5.4 trillion for 2024, up 64 percent compared to the previous year.
Its revenue rose by 88 percent to N45.1 trillion, the NNPC said in a statement on Monday.
The national oil company unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030. The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain.
“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.”
NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade, according to the statement.
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 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
- 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 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.”
