NNPC Limited Announces ₦5.4 Trillion Profit for 2024, Targets $60 billion in New Investments

By Ndubuisi Micheal Obineme

The Nigerian National Petroleum Company Limited (NNPCL) has announced a Profit After Tax (PAT) of ₦5.4 trillion on ₦45.1 trillion in revenue, maintaining a position of profitability for the year ended December 31st, 2024. This also represents an increase of over ₦2.103 trillion from the company’s PAT in 2023.

The 2024 financial results, shared during its earnings call with analysts, underscore NNPC’s operational excellence in driving sustained growth and supporting Nigeria’s production ambition.

Building on this performance, the company also released a new strategic roadmap, targeting $60 billion in new investments across the entire energy value chain.

Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari said the company’s earnings demonstrate the positive impact of its transformation efforts and highlight the commitment of its workforce.

“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.

Ojulari noted that the company is accelerating investments in upstream operations, gas infrastructure, and clean energy projects to drive growth into the next decade.

Under the new roadmap, NNPC Ltd. aims to:

• Increase crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030
• Grow natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030
• Complete major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipeline
• Mobilise $60 billion in investments across the upstream, midstream, and downstream segments 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.”

The roadmap, according to the company, is designed to support Nigeria’s broader economic objectives, strengthen energy security, and ensure a seamless transition to cleaner and more sustainable energy sources.