NNPC reports ₦5.4 trillion profit, unveils $60 billion investment plan for energy transition
The Nigerian National Petroleum Company (NNPC) Limited on Monday announced a Profit After Tax of ₦5.4 trillion for the full year ended 2024, generated from revenue of ₦45.1 trillion.
The results were shared during the company’s earnings call with analysts and described as a “year of strong operational delivery.” A press statement signed by Andy Odeh, Chief Corporate Communications Officer of NNPC Limited, confirmed the figures.
Building on this performance, NNPC Limited also unveiled a strategic roadmap aimed at sustaining growth and supporting Nigeria’s energy transition through 2030. The plan focuses on increasing oil and gas production and outlines a $60 billion investment across the energy value chain.
According to the company, revenue rose to ₦45.1 trillion, an 88 percent year-on-year increase, while profit after tax grew by 64 percent to ₦5.4 trillion. Earnings per share stood at ₦27.07.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Group Chief Executive Officer Bashir Bayo 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.”
NNPC Limited said it is accelerating investments in upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. The company plans to increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. It also aims to grow natural gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.
The roadmap includes completing major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos-Lagos Pipeline System, and the Obiafu-Obrikom-Oben pipeline. NNPC Limited intends to mobilise $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.”
Founded in 1977, NNPC Limited is Nigeria’s leading oil and gas company. The organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act of 2021.
