The Nigerian National Petroleum Company Limited, NNPC Ltd, has announced a Profit After Tax, PAT, of N5.4 trillion for the 2024 financial year, reflecting a strong performance.
The company posted revenue of N45.1 trillion for the period, representing 88 per cent year-on-year increase.
Chief Corporate Communications Officer, Andy Odeh, disclosed this in a statement on Monday, noting that the results, presented during an earnings call with analysts, highlight the company’s strengthened financial resilience and ongoing corporate transformation.
According to the Group Chief Executive Officer, Bashir Bayo Ojulari, the strong earnings demonstrate the momentum behind NNPC Ltd’s reform efforts and reinforce its commitment to national energy security.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce. 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.”he said.
The company also revealed an ambitious strategic roadmap designed to sustain growth and support Nigeria’s energy transition through 2030.
Central to this plan is a $60 billion investment pipeline across the upstream, midstream, and downstream sectors.
Key targets include raising crude oil production to two million barrels per day, bpd, by 2027 and three million bpd by 2030; expanding natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030; and completing major infrastructure projects such as the Ajaokuta-Kaduna-Kano, AKK, pipeline, the Escravos-Lagos Pipeline System, ELPS, and the Obiafu-Obrikom-Oben, OB3, gas line.
Ojulari stressed that transparency, innovation and disciplined growth remain the pillars of NNPC Ltd’s transformation into a globally competitive energy company capable of delivering sustainable returns while powering Nigeria’s future.
“Our transformation is anchored on transparency, innovation, and disciplined growth. We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” he added.
Formerly a state-run corporation, NNPC Ltd became a fully commercial entity under the Petroleum Industry Act, PIA, 2021.
It now plays a central role across the entire oil and gas value chain from exploration and production to refining and distribution.
The company said its 2024 Audited Financial Statement will be published on its website.
