NNPCL reports 64% profit growth, unveils $60bn expansion plan

The Nigerian National Petroleum Company Limited (NNPCL) has declared a profit after tax of N5.4 trillion for the financial year ended 2024, marking one of its strongest performances since its transition into a limited liability company.

The Group Chief Executive Officer of NNPCL, Bayo Ojulari, announced the financial results during a press briefing on Monday in Abuja.

The latest figures represent a sharp improvement from the 2023 financial year, when the company posted a Profit After Tax of N3.297tn.

The 2024 profit reflects a 64 per cent year-on-year increase, signalling the impact of higher production volumes, cost-cutting measures and enhanced operational efficiency across its assets.

Presenting the results, Ojulari said the state-owned energy giant also recorded N45.1tn in revenue, representing 88 per cent year-on-year growth.

He said the performance demonstrated the “positive momentum” of the organisation’s ongoing transformation drive, driven largely by operational discipline and market reforms.

Ojulari attributed the surge in earnings to cost-optimisation measures, improved production volumes and favourable market conditions across the company’s upstream, midstream and downstream segments.

According to him, a breakdown showed that NNPCL recorded N45.1tn in revenue (88 per cent growth), N5.4tn Profit After Tax (64 per cent growth), and N27.07 earnings per share, also up by 64 per cent.

Ojulari said, “The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress and the dedication of our teams nationwide. Yet, we recognise that figures alone cannot speak. They require context, clarity and accessible interpretation, and that is where you play a vital role.

“To provide that context, let me underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of N5.4tn, supported by N45.1tn in revenue.

“This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms and our unwavering commitment to cost discipline. Financially, we have never been stronger or better positioned for tomorrow.”

Ojulari also announced a long-term strategic roadmap aimed at sustaining growth and advancing Nigeria’s energy transition through 2030.

He stated that the plan focuses on boosting oil and gas production and mobilising major investments across the value chain.

Ojulari noted that under the targets released, NNPC Ltd aims to raise crude oil output to two million barrels per day by 2027 and three million barrels per day by 2030.

The GCEO also plans to expand natural gas production to 10 billion standard cubic feet per day in 2027 and 12 billion scf/d in 2030, alongside completing key infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline.

He, however, said that the company is further seeking to attract $60bn in investments across the upstream, midstream, and downstream segments by the end of the decade.

“NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include: Mobilising $60bn in investments across the upstream, midstream, and downstream sectors 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,” he said.