NNPC Limited has reported one of its strongest financial performances yet, posting a Profit After Tax of ₦5.4 trillion on a consolidated revenue of ₦45.1 trillion for the financial year ending 2024.
The results were announced during the company’s earnings call with industry analysts, reflecting what executives described as a year of “robust operational delivery and renewed financial discipline.”
Group Chief Executive Officer, Bashir Bayo Ojulari, said the results demonstrate “the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.”
He added that they provide “a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate.”
The 2024 figures represent a major leap for the state energy firm, which has been undergoing a historic corporate transformation since the enactment of the Petroleum Industry Act (PIA) in 2021 and its transition into a fully commercialised limited liability company in 2022.
Financial Performance
The company’s earnings call outlined a year of significant improvements across all key financial metrics.
Revenue climbed to ₦45.1 trillion, representing 88% year-on-year growth, while profit after tax rose 64%, reaching ₦5.4 trillion.
Earnings per share also increased by 64%, rising to ₦27.07, a signal of stronger profitability and improved corporate governance.
Ojulari said the financial rebound underscores NNPC Limited’s commitment to delivering value to Nigerians as it transitions into a globally competitive energy company.
“These earnings reaffirm our commitment to delivering value to Nigerians.
“They show that our transformation agenda is working.”
Bashir Bayo Ojulari, NNPC Chief Executive Officer
A $60 Billion Roadmap to 2030
Looking ahead, NNPC Limited unveiled an ambitious strategic plan aimed at expanding Nigeria’s oil and gas output while laying the foundation for long-term energy security.
The roadmap targets massive investments across upstream production, gas infrastructure and clean energy solutions over the next six years.
A central component of the plan is the push to increase crude oil production, which has struggled over the past decade due to declining investment, oil theft, and ageing infrastructure.
NNPC aims to reverse that trend by boosting output to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
The company is also focusing heavily on natural gas as part of Nigeria’s transition towards cleaner, more sustainable energy.
According to the strategic plan, NNPC expects to grow gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030, underpinned by major trunk-line projects such as the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS) expansion and the Obiafu–Obrikom–Oben (OB3) gas pipeline.
To finance this transformation, the company is seeking to mobilise $60 billion in investments across the upstream, midstream and downstream sectors by the end of the decade.
“Our transformation is anchored on transparency, innovation and disciplined growth.
“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
Bashir Bayo Ojulari, NNPC Chief Executive Officer
Gas Infrastructure at the Heart of Nigeria’s Energy Transition
NNPC’s strategy places gas at the centre of Nigeria’s energy mix, consistent with government policy that identifies natural gas as the country’s transition fuel. Completion of the AKK and OB3 pipelines is expected to unlock major industrial hubs, boost power generation, and support regional gas exports.
The strategic emphasis also aligns with Nigeria’s climate commitments as the company accelerates investments in cleaner fuels and begins integrating renewable and low-carbon technologies into its operations.
NNPC Limited, established in 1977, has historically been the backbone of Nigeria’s petroleum sector. However, its transformation in July 2022 into a fully commercial entity under the PIA marked a decisive shift in governance, oversight and operational autonomy.
The 2024 results, combined with the new investment roadmap, suggest that the company is seeking not only to stabilise Nigeria’s petroleum sector but also to re-establish itself as a major regional energy powerhouse.
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