NNPCL Achieves 64% Profit Boost and Rolls Out $60 Billion Expansion Strategy
The Nigerian National Petroleum Company Limited (NNPCL) has recorded a remarkable profit after tax of N5.4 trillion for the financial year ending 2024, marking one of its strongest performances since its transformation into a limited liability company. The results were announced by the Group Chief Executive Officer, Bayo Ojulari, during a press briefing in Abuja on Monday, highlighting the significant progress and operational efficiency achieved across the company’s operations.
This year’s figures represent a sharp improvement over the 2023 financial year, when NNPCL posted a Profit After Tax of N3.297 trillion. The 2024 results indicate a 64 per cent increase year-on-year, reflecting the combined effects of higher production volumes, stringent cost-cutting measures, and enhanced operational efficiency across all assets. Revenue for the year also surged to N45.1 trillion, representing an 88 per cent growth from the previous year.
Ojulari explained that these results demonstrate the “positive momentum” of NNPCL’s ongoing transformation agenda, which has been driven by disciplined operations, market reforms, and a focus on cost optimisation. He emphasised that the surge in earnings is attributable to improvements in both upstream and midstream production, favourable market conditions, and the company’s unwavering commitment to financial discipline. Detailed analysis of the performance showed that NNPCL achieved N27.07 earnings per share, also reflecting a 64 per cent increase from 2023.
Speaking on the significance of the results, Ojulari said, “The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress, and the dedication of our teams nationwide. Yet, we recognise that figures alone cannot speak. They require context, clarity, and accessible interpretation, and that is where you play a vital role.” He further stressed that these results highlight the company’s financial strength and readiness to capitalise on future growth opportunities.
In addition to reporting strong financial performance, Ojulari unveiled a long-term strategic roadmap aimed at sustaining growth and positioning NNPCL as a globally competitive energy company by 2030. The plan focuses on boosting oil and gas production, expanding infrastructure, and mobilising substantial investment across the entire value chain. Specifically, the company aims to increase crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030. Natural gas output is also targeted to rise to 10 billion standard cubic feet per day by 2027 and 12 billion scf/d by 2030.
The GCEO highlighted key infrastructure projects that will support these goals, including the completion of the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline. He also revealed that NNPCL is actively seeking to attract $60 billion in investment across its upstream, midstream, and downstream operations by the end of the decade. These investments are aimed at enhancing operational capacity, expanding gas infrastructure, and supporting the country’s transition to cleaner and more sustainable energy.
Ojulari underlined that the transformation agenda of NNPCL is anchored on transparency, innovation, and disciplined growth, with a strong focus on delivering sustainable returns while contributing to Nigeria’s energy security. “NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Our strategic targets include mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030. We are positioning NNPCL as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” he said.
The announcement of these results and the accompanying investment plan signals confidence in Nigeria’s energy sector and reinforces NNPCL’s commitment to driving economic growth, meeting domestic energy demands, and attracting global investment. Analysts and industry observers view the performance as a major milestone in the company’s transformation journey, indicating both operational efficiency and strong governance practices that can serve as a model for state-owned enterprises in Nigeria and across Africa.
