NNPC Limited Posts ₦5.4 Trillion Profit, Unveils $60 Billion Investment Roadmap To Drive Growth Through 2030
NNPC Limited has announced a Profit After Tax of ₦5.4 trillion for the financial year ended 2024, supported by a robust revenue performance of ₦45.1 trillion. The results, released during the company’s earnings call with analysts, reflect a year marked by strong operational delivery, improved efficiency, and sustained financial resilience.
According to the Group Chief Executive Officer, Bashir Bayo Ojulari, the performance reinforces the positive momentum of the company’s ongoing transformation.
“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.”
2024 Financial Highlights
NNPC Limited’s audited results demonstrate significant year-on-year progress:
• Revenue: ₦45.1 trillion (88% growth)
• Profit After Tax: ₦5.4 trillion (64% growth)
• Earnings Per Share: ₦27.07 (64% growth)
These figures underscore the company’s strengthened financial performance and improved operational efficiency as it continues transitioning into a fully commercial and profit-driven energy corporation.
A Strategic Roadmap for Sustained Growth and Energy Security
Looking ahead, NNPC Limited has outlined an ambitious growth strategy designed to sustain momentum through 2030 and support Nigeria’s broader energy transition. Central to this roadmap is a $60 billion investment pipeline covering upstream, midstream, and downstream operations.
Key strategic targets include:
• Boosting crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
• Expanding natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030, supported by the completion of major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos–Lagos Pipeline System (ELPS), and the Obiafu–Obrikom–Oben (OB3) pipeline.
• Mobilising $60 billion in investments across the entire energy value chain by 2030 to ensure long-term growth, energy security, and regional integration.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
About NNPC Limited
Established in 1977, NNPC underwent a landmark transformation in July 2022, becoming NNPC Limited—a fully commercial entity under the Petroleum Industry Act (PIA) of 2021. Today, the company plays a central role in Nigeria’s energy landscape, spanning exploration, production, refining, gas development, and distribution.
NNPC Limited continues to drive national growth and energy security, while expanding its impact across Africa’s evolving energy market.
The 2024 Audited Financial Statement will be available on the company’s official website.
