NNPC Limited has released its full-year financial results for 2024, showing a Profit After Tax of ₦5.4 trillion from total revenue of ₦45.1 trillion. The figures were presented during an earnings call with analysts and reflect what the Company described as a year of strong operational delivery and improved financial stability. The performance also marked significant year-on-year progress, reinforcing the Company’s shift toward a fully commercial and profit-driven operation.
According to the financial highlights shared, revenue rose by 88 percent to ₦45.1 trillion, while Profit After Tax increased by 64 percent to ₦5.4 trillion. Earnings Per Share also grew by 64 percent to ₦27.07. Speaking on the results, the Group Chief Executive Officer, Bashir Bayo Ojulari, said the performance demonstrates steady improvement across the business. “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” he said. He added that the outcome “offers a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirms our commitment to delivering value to Nigerians.”
Alongside its financial report, NNPC Limited revealed a strategic roadmap to guide its growth and support Nigeria’s energy transition through 2030. The Company plans to increase investments across oil production, gas development, and clean energy projects as it works to expand its role in the global and regional energy space. A key focus of the roadmap is raising crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. For gas, the plan targets growth to 10 bcf per day by 2027 and 12 bcf per day by 2030.
The Company also outlined progress on major infrastructure projects, including the Ajaokuta-Kaduna-Kano pipeline, the Escravos-Lagos Pipeline System, and the Obiafu-Obrikom-Oben pipeline, which are expected to boost domestic supply and regional integration. To support these targets, NNPC Limited aims to mobilise a $60 billion investment pipeline across the upstream, midstream, and downstream sectors by 2030. Ojulari noted that “our transformation is anchored on transparency, innovation, and disciplined growth,” adding that the Company is positioning itself as a competitive energy player capable of driving
