In a landmark development for Nigeria’s energy sector, the Nigerian National Petroleum Company (NNPC) Limited has announced a record-breaking Profit After Tax (PAT) of ₦5.4 trillion for the 2024 financial year, alongside the unveiling of a transformative $60 billion investment plan spanning the upstream, midstream, and downstream segments of the oil and gas value chain.
The announcement, contained in an official press release issued on Monday, marks one of the strongest financial performances in the company’s history since its transition from a corporation to a fully commercial entity under the Petroleum Industry Act (PIA) of 2021. The results underscore NNPC Limited’s successful operational turnaround and its growing capacity to generate substantial value for the nation.
For the 2024 financial year, NNPC Limited posted total revenue of ₦45.1 trillion, reflecting robust growth driven by enhanced operational efficiency, favorable global energy market conditions, and strategic cost-management initiatives. The company recorded an impressive 64 percent year-on-year increase in profit, with Earnings Per Share (EPS) climbing to ₦27.07 — a clear signal of strengthened financial health and shareholder value creation.
Speaking on the results, the Group Chief Executive Officer of NNPC Limited, Mr. Mele Kyari (who was referred to in the release through the office of the GCEO, represented by Bashir Bayo Ojulari in communications), described the performance as a testament to the company’s ongoing transformation agenda. “These outstanding results demonstrate the significant progress we have made in repositioning NNPC Limited as a commercially driven, globally competitive energy company,” he stated. He further emphasized that the financial success directly supports President Bola Ahmed Tinubu’s directive to bolster Nigeria’s energy security, drive economic growth, and enhance the competitiveness of the nation’s oil and gas sector.
Beyond the stellar financials, the highlight of the announcement was the launch of a comprehensive strategic roadmap designed to sustain growth and secure Nigeria’s position as a leading energy producer through 2030. At the heart of this roadmap is a $60 billion investment commitment that will be deployed across critical areas of the industry.
In the upstream sector, NNPC Limited has set ambitious production targets: crude oil output is projected to reach two million barrels per day by 2027, with a further increase to three million barrels per day by 2030. These targets represent a significant leap from current levels and will require aggressive exploration, development drilling, and the reactivation of shut-in wells, particularly in the Niger Delta region.
On the natural gas front, the company aims to ramp up production to 10 billion standard cubic feet per day (Bcf/d) by 2027 and 12 Bcf/d by 2030. Achieving these milestones will be pivotal as Nigeria seeks to capitalize on the global shift toward cleaner energy sources and meet rising domestic and export demand for liquefied natural gas (LNG).
To enable these production increases, NNPC Limited reiterated its unwavering commitment to completing several flagship gas infrastructure projects that have long been in the pipeline. These include:
- The Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline Project, a 614-kilometer line that will transport natural gas from the south to the northern region, unlocking industrial growth in the north and enhancing energy access.
- The expansion of the Escravos–Lagos Pipeline System (ELPS), which will boost gas supply to the western region and support power generation and industrial activities in Lagos and surrounding states.
- The Obiafu–Obrikom–Oben (OB3) Pipeline, a critical east-west link that will improve gas transmission capacity and reliability across the southern and eastern parts of the country.
Successful delivery of these projects, the company noted, will significantly increase domestic gas utilization, stimulate industrial development, create thousands of direct and indirect jobs, and strengthen regional energy integration within the West African sub-region.
Mr. Kyari stressed that transparency, innovation, and disciplined capital allocation will remain the cornerstones of NNPC Limited’s strategy moving forward. “We are committed to maintaining the highest standards of corporate governance while pursuing sustainable returns for all stakeholders,” he affirmed. He also highlighted the company’s alignment with Nigeria’s broader energy transition objectives, including the Decade of Gas initiative and the national goal of achieving net-zero emissions by 2060.
The $60 billion investment plan is expected to be funded through a combination of internally generated revenue, strategic partnerships with international oil companies (IOCs), and access to global capital markets — a testament to NNPC Limited’s improved credit profile and investor confidence following years of reforms.
Analysts have welcomed the announcement, describing it as a clear signal that NNPC Limited is shedding its historical bureaucratic inefficiencies and emerging as a commercially agile national oil company capable of competing with global giants such as Saudi Aramco, Petrobras, and Petronas.
For ordinary Nigerians, the implications are profound: higher oil and gas production could translate into increased government revenue, greater forex earnings, reduced dependence on imported refined products (especially as downstream investments take shape), and more reliable power supply as gas-to-power projects benefit from enhanced domestic supply.
As NNPC Limited marches toward its 2030 vision, the company has reassured stakeholders that it will continue to prioritize operational excellence, community engagement, environmental stewardship, and the delivery of tangible socio-economic benefits to the Nigerian people.
With a record ₦5.4 trillion profit in the bank and a bold $60 billion roadmap in motion, NNPC Limited appears poised to play a defining role in powering Nigeria’s economic resurgence and securing the country’s energy future for generations to come.
