The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a Profit After Tax (PAT) of N5.4 trillion for the 2024 financial year, alongside a record N45.1 trillion in revenue, according to its newly released audited financial statement.
The 2024 revenue marks an 88% year-on-year increase, while the PAT reflects a 64% rise compared to 2023. Earnings per share also climbed by 64% to N27.07, underscoring what the company described as a year driven by strengthened operational efficiency and disciplined cost management.
NNPC said its performance was boosted by improved asset productivity, downstream market reforms and a renewed focus on operational discipline. The company also highlighted ongoing progress on major gas infrastructure projects, including the Ajaokuta–Kaduna–Kano (AKK) and Obiafu–Obrikom–Oben (OB3) pipelines, aimed at accelerating Nigeria’s transition into a gas-powered economy.
It added that review processes for refinery viability are underway as part of efforts to reinforce domestic energy security and support a proposed $60 billion investment pipeline to ramp up oil and gas production. NNPC’s long-term targets include increasing crude production to 3 million barrels per day (bpd) and gas output to 12 billion cubic feet per day (bcf/d) by 2030.
Speaking in Abuja, the Group Chief Executive Officer, Bayo Ojulari, reaffirmed the company’s production ambitions:
“We are projecting crude oil production of 2 million barrels per day by 2027 and 3 million bpd by 2030,” he said.
He also outlined plans to boost natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030, supported by the completion of major infrastructure including the AKK, Escravos-Lagos Pipeline System (ELPS), and OB3 lines.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari said. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
Historical Profit Trend
NNPC has reported consecutive profits since 2020, when it posted its first-ever profit of N287 billion. This grew to N674.1 billion in 2021 and N2.548 trillion in 2022. In 2023, net profit rose further to N3.297 trillion.
Ojulari also noted that the Central Bank of Nigeria’s decision to float the naira had a significant impact on 2024 profits.
“You recall the CBN final regulation of floating the naira? So that boosted our profits… We now know that the naira is relatively stable,” he explained.
He added that this impact is not expected to recur at the same scale in 2025, but insisted that the company’s fundamentals remain strong:
“We expect it to be sustainable and improving.”
The GCEO further disclosed that NNPC has cut overall costs by 15–20%, eliminating non-critical spending and improving capital discipline. He stated that pipeline performance is “close to 100%,” strengthening midstream confidence, while efforts are underway to restore refining capacity.
Ojulari revealed that NNPC is seeking partnerships with private operators who already run functional refineries.
“It’s a commercial arrangement where they bring in technical capacity… and we complement with the capability that we have,” he said.
The timeline for restarting the refineries remains uncertain, though clearer projections are expected by mid-2026.
In a message, NNPC Chairman Ahmadu Kida emphasised Nigeria’s strategic role in the global energy landscape. He said the energy transition presents an opportunity for the country to finance growth and adopt cleaner technologies.
“By embracing this transition with innovation and strategic partnerships, we can secure a more sustainable and prosperous energy future for our nation,” he stated.
He added that the leadership changes within NNPC have “reinvigorated the company’s purpose” and positioned it for transformational growth.
Independent auditors — PwC, SIAO and Muhtari Dangana & Co. — affirmed that the financial statements were prepared according to the going-concern principle.
“Nothing has come to the attention of the directors to indicate that NNPC Limited will not remain a going concern for at least 12 months,” they noted.
No significant post-reporting events were identified.
