NNPC profit surge hits N5.4tn in 2024 as revenue jumps and reforms strengthen efficiency, marking one of the company’s strongest financial performances

The Nigerian National Petroleum Company Limited has announced a remarkable NNPC Profit Surge, declaring N5.4 trillion in Profit After Tax for the 2024 financial year, its strongest result since becoming a limited liability company.

Also read: NNPCL financial oversight raises concerns in National Assembly

Group Chief Executive Officer, Bayo Ojulari, disclosed the figures during a press briefing on Monday in Abuja, describing the performance as a decisive reaffirmation of the company’s transformation momentum.

The 2024 result represents a 64 per cent year-on-year rise from the N3.297 trillion recorded in 2023, a leap he attributed to improved production volumes, disciplined cost-cutting and enhanced operational efficiency.

Ojulari said revenue for the year climbed to N45.1 trillion, reflecting an impressive 88 per cent increase.

He noted that the numbers demonstrated the impact of ongoing reforms and the company’s renewed operational discipline, which he described as nothing short of powerful.

Providing further clarity, he explained that the organisation achieved N45.1 trillion in revenue, N5.4 trillion in Profit After Tax and N27.07 earnings per share, each posting 64 to 88 per cent growth.

He emphasised that the results reflected the hard work of teams across NNPC’s upstream, midstream and downstream assets, as well as favourable market conditions.

He added that the outcome was driven by operational efficiency, downstream market reforms and strict cost optimisation.

According to him, the company is now financially stronger and strategically positioned for long-term growth.

Ojulari also unveiled a long-term strategic roadmap designed to sustain the momentum and advance Nigeria’s energy transition through 2030.

He said the company aims to raise crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030, supported by major investments across the energy value chain.

In the gas segment, NNPC plans to expand output to 10 billion standard cubic feet per day by 2027 and 12 billion scf/d by 2030.

Critical infrastructure projects, including the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System and the Obiafu–Obrikom–Oben network, are expected to support these targets.

He revealed that the company is seeking to attract $60 billion in investments across upstream, midstream and downstream segments before the end of the decade.

Also read: Group petitions Reps over Sophia Mbakwe’s NNPCL appointment

He said the transformation is anchored on transparency, innovation and disciplined growth, positioning NNPC to deliver sustainable returns while powering Nigeria’s future.