Mkpoikana Udoma
Port Harcourt — NNPC Limited has reported a record Profit After Tax of N5.4 trillion for the full year ended 2024, driven by a strong operational performance that saw revenue surge to N45.1 trillion, according to the company’s earnings call with analysts on Monday.
The national oil company recorded an 88 percent jump in revenue and 64 percent growth in profit, marking its strongest financial outing since its transition into a fully commercial entity under the Petroleum Industry Act, PIA.
Group Chief Executive Officer, Bayo Ojulari, said the results reflect the company’s strengthened balance sheet and the gains from ongoing reforms.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Ojulari said. “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 Targets 3m bpd Output and 12bcf/d Gas by 2030
Building on the strong financial year, NNPC Limited unveiled an aggressive growth roadmap designed to scale production, expand gas infrastructure, and anchor Nigeria’s energy transition strategy through 2030.
The plan outlines a $60 billion investment pipeline, spanning upstream to downstream assets, including crude oil development, gas processing, pipeline networks, refining, petrochemicals, and clean energy initiatives.
Key targets include Raising crude oil production to 2 million barrels per day by 2027, and 3 million bpd by 2030; Growing natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030; Completion of major gas transmission systems such as the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, Escravos–Lagos Pipeline System (ELPS) and the OB3 (Obiafu–Obrikom–Oben) pipeline to bolster domestic supply and regional integration.
The GCEO said the company’s strategy is anchored on operational efficiency, investment optimisation and transparency.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari noted. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
A New Era for the National Oil Company
Since its commercialisation in 2022, NNPC Limited has pushed to reposition itself as an investor-driven energy conglomerate, expanding its footprint across exploration and production, gas, refining, and market supply.
The company said its performance demonstrates increasing investor confidence and its ability to raise capital for both traditional oil and gas operations and emerging clean energy projects.
