The Nigerian National Petroleum Company Limited (NNPC Ltd.) has declared a Profit After Tax (PAT) of N5.4 trillion on a revenue of N45.1 trillion for its financial performance for 2024.
This represents a 64 per cent increase from N3.3 trillion PAT recorded in 2023.
Mr Bashir Ojulari, Group Chief Executive Officer, NNPC Ltd. disclosed this on Monday in Abuja while briefing newsmen on its 2024 Financial Highlights.
Ojulari said the results, which were released during an earnings call with analysts, were driven by a revenue surge to N45.1 trillion, representing 88 per cent year-on-year increase.
Ojulari disclosed a 64 per cent rise in PAT, while earnings per share climbed to N27.07, underscoring strengthened financial resilience and improved operational efficiencies.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.
“They provide a solid foundation for the ambitious growth ahead, in line with President Bola Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians,” he said.
Ojulari said the outcome was propelled by several critical drivers, including enhanced operational efficiency across its assets, the positive impact of downstream market reforms, and our unwavering commitment to cost discipline.
The GCEO said while building on its 2024 performance, the NNPC Limited unveiled a strategic roadmap designed to sustain growth, bolster energy security, and support Nigeria’s energy transition through 2030.
“The plan prioritises increased oil and gas production and outlines a 60 billion dollars investment in pipeline across the energy value chain,” he added.
Ojulari, while speaking on roadmap for sustained growth and energy security, said it was accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade.
He listed key strategic targets to include: increasing crude oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030.
According to him, it is reviewing technical and commercial viability of the refineries to strengthen domestic energy security.
He said it was targeting to grow natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects.
He listed the projects as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
“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,” he said.
NNPC Limited, Nigeria’s leading oil and gas company founded in 1977 underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.
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