The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a historic Profit After Tax (PAT) of ₦5.4 trillion for the fiscal year ending 2024, marking one of its strongest financial performances in recent memory. According to the company’s press release, the surge in profits comes amid robust revenue growth and a renewed strategic vision for the decade ahead.
For the same period, NNPC Ltd reported total revenue of ₦45.1 trillion, representing an 88% increase compared to the previous year.
The company also disclosed an earnings per share (EPS) of ₦27.07, signaling a 64% jump year-on-year.
Speaking on the results, Group Chief Executive Officer Bashir Bayo Ojulari said the numbers reflect “the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.”
He added that these earnings provide a strong foundation for the company’s ambitious growth objectives under its new long-term strategy.
As part of its forward-looking plan, NNPC Ltd unveiled a roadmap to 2030 that involves mobilising US$60 billion in investments across the energy value chain.
The strategy includes aggressive production targets: crude oil output is to be ramped up to 2 million barrels per day by 2027 and 3 million bpd by 2030, while natural gas production is expected to grow to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by the end of the decade.
To support that gas growth, NNPC is prioritising key infrastructure projects such as the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) pipeline.
Ojulari framed the transformation effort around the principles of transparency, innovation, and disciplined growth, saying the company is positioning itself to be “a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
Industry analysts have noted that foreign exchange gains contributed significantly to the profit jump, as the naira’s dynamics and other macroeconomic factors played a role in inflating earnings.
The announcement comes amid a broader period of reform for NNPC. Since its conversion under Nigeria’s Petroleum Industry Act (PIA) into a fully commercial entity, the oil firm has been under increasing pressure to deliver not only on financial performance but also on governance and transparency.
