NNPC Limited declares ₦5.4 trillion profit for 2024

… As Ojulari Pledges Strategic Investments to Sustain Growth into Next Decade

NNPC Limited has declared a profit after tax of ₦5.4 trillion on revenue of ₦45.1 trillion for the full year ended 2024

NNPC Limited announced this in a post of its X handle signed by Andy Odeh, Its Chief Corporate Communications Officer on Tuesday. According to the statement, ₦5.4 trillion profit after tax in a 64% increase compared to 2023. The company also said it recorded 88% year-on-year growth

It added that the results, shared during its earnings call with analysts, underscore a year of strong operational delivery.

Building on this performance, the Company 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.

“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer.

“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.”

On its roadmap for sustained growth and energy security, NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. It listed it key strategic targets to include increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing 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 and mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.

“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.”