Koko Maxwella 
LAGOS, Nigeria – The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a Profit After Tax of ₦5.4 trillion for the 2024 financial year—one of its strongest performances since becoming a fully commercial entity in 2022 under the Petroleum Industry Act.
During its earnings call with analysts on Monday, NNPC Ltd said total revenue surged to ₦45.1 trillion, an 88 percent year-on-year increase, while profit rose by 64 percent. Earnings per share grew to ₦27.07, also a 64 percent rise, driven by improved operational efficiency, production stability and disciplined cost control.
Group Chief Executive Officer Bashir Bayo Ojulari said the results reflect the company’s transformation momentum. “These earnings highlight our strengthened operations and the commitment of our workforce,” he said. “They provide a strong foundation for our growth ambition in line with President Tinubu’s mandate.”
NNPC Ltd also unveiled a $60 billion investment roadmap to be executed through 2030. The strategy focuses on expanding upstream operations, scaling gas development, improving infrastructure and accelerating Nigeria’s transition to cleaner energy.
Key production targets include: 2 million barrels per day crude oil output by 2027, 3 million barrels per day by 2030, 10 billion cubic feet of gas per day by 2027, and 12 billion cubic feet per day by 2030
Major projects such as the AKK pipeline, Escravos–Lagos Pipeline System, and the OB3 pipeline form the backbone of the expansion plan.
“Our transformation is anchored on transparency, innovation and disciplined growth,” Ojulari said. “We aim to position NNPC as a globally competitive energy company powering Nigeria and Africa.”
NNPC, founded in 1977, now operates fully across Nigeria’s oil and gas value chain, remaining central to national energy security and economic stability.
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