In the 2024 financial year, the Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax of N5.4 trillion, its financial statements revealed.
This was after the state-owned oil agency generated revenue of N45.1 trillion in the fiscal year, which ended December 31, 2024, underscoring a year of strong operational delivery.
It was observed that the gross earnings improved by 64 per cent on a year-on-year basis, while the net profit grew by 88 per cent, with the Earnings Per Share (EPS) up by 64 per cent to N27.07.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.
“They offer 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,” the chief executive of the firm, Mr Bashir Bayo Ojulari, stated.
“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 added.
Building on this performance, the organisation 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.
NNPC said it is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade.
Over the next 10 years, it plans to increase crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
It also intends to grow natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and complete 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.
The company further wants to mobilise $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.