This year’s financial earnings mark a remarkable leap for the group since its transition to a limited Liability Company.
NNPC Gceo, Bashir Bayo Ojulari
By Uche Vera
Abuja, Nigeria — The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a landmark financial performance for the fiscal year ended 2024, reporting an unprecedented surge in its earnings. The state-owned energy giant’s audited financial statement reveals that its total revenue hit a staggering ₦45.1 trillion, marking an impressive 88% year-on-year growth.
The headline figure, however, is the ₦5.4 trillion Profit After Tax (PAT), which represents a substantial 64% jump compared to the previous year. This performance, announced by NNPC Group Chief Executive Officer (GCEO), Bashir Bayo Ojulari, in Abuja on Monday, signifies one of the strongest financial outings since the company transitioned into a commercially driven entity under the Petroleum Industry Act (PIA).
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The GCEO attributed the exceptional results to several critical factors, including enhanced operational efficiency across the company’s assets, the positive impact of downstream market reforms, and an “unwavering commitment to cost discipline.” He particularly noted that the Central Bank of Nigeria’s decision to float the local currency positively impacted the company’s financial position, contributing significantly to the boosted profits.
Ojulari emphasized that the robust earnings underscore the “positive momentum of our ongoing transformation” and offer a solid foundation for ambitious growth ahead. As a result of the strong financials, NNPC Ltd. has unveiled a comprehensive strategic roadmap aimed at sustaining this trajectory.
Strategic Growth and Investment Pipeline
Building on its 2024 success, NNPC Ltd. outlined an aggressive growth agenda, backed by a planned $60 billion investment pipeline across the upstream, midstream, and downstream sectors by 2030. Key strategic targets include:
Crude Oil Production: Scaling output to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
Natural Gas Production: Growing output to 10 billion standard cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
Gas Infrastructure: Fast-tracking key projects like the Ajaokuta-Kaduna-Kano (AKK), Escravos–Lagos Pipeline System (ELPS), and Obiafu–Obrikom–Oben (OB3) pipelines to bolster domestic supply.
The company is also reviewing the technical and commercial viability of its refineries, seeking technical equity partners to strengthen domestic energy security. Ojulari affirmed that the company is positioning itself as a “globally competitive energy company” capable of delivering sustainable returns while powering the future of Nigeria and Africa.
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