Abuja, Nigeria – In a landmark announcement that signals a new era of financial strength and operational excellence, the Nigerian National Petroleum Company Limited (NNPC Ltd) has declared a staggering Profit After Tax (PAT) of N5.4 trillion for the 2024 financial year, achieved on the back of an impressive revenue of N45.1 trillion.
The groundbreaking results were unveiled on Monday in Abuja by the Group Chief Executive Officer, Mr Bashir Ojulari, during a media briefing on the company’s 2024 Financial Highlights. The figures, first shared with analysts in an earnings call, represent a dramatic turnaround and underline the success of the far-reaching reforms introduced since the company’s transition into a fully commercial entity.
Speaking to journalists, Ojulari revealed that total revenue surged to N45.1 trillion, reflecting an extraordinary 88 per cent year-on-year increase. Profit After Tax rose by an equally remarkable 64 per cent compared to the previous year, while earnings per share climbed to N27.07 – a clear indicator of enhanced shareholder value and robust financial health.
“These earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our dedicated workforce,” Ojulari stated. “They provide a solid foundation for the ambitious growth that lies ahead, in line with the mandate of His Excellency President Bola Ahmed Tinubu, and reaffirm our steadfast commitment to delivering tangible value to all Nigerians.”
The exceptional performance, he explained, was driven by a combination of strategic factors: significantly improved operational efficiency across upstream, midstream, and downstream assets; the beneficial effects of downstream market reforms that have liberalised the sector; and a rigorous focus on cost discipline that has eliminated waste and optimised resource allocation.
From a loss-making national oil corporation just a few years ago, NNPC Ltd has now firmly established itself as a profit-generating powerhouse. For context, in 2023 – the company’s first full year as a commercial entity under the Petroleum Industry Act (PIA) – it posted a Profit After Tax of N3.3 trillion. The leap to N5.4 trillion in 2024 represents not just incremental improvement but a structural shift toward sustainable profitability.
Building on this strong foundation, Ojulari unveiled an ambitious strategic roadmap that will guide NNPC Ltd’s growth through 2030, with the dual objectives of strengthening Nigeria’s energy security and supporting the nation’s transition to cleaner energy sources. Central to this vision is a planned investment of approximately $60 billion across the entire energy value chain, particularly in critical pipeline infrastructure.
“We are accelerating investments in upstream operations, gas infrastructure development, and clean energy initiatives to extend this growth trajectory well into the next decade,” the GCEO emphasised.
- Among the headline targets are:
- Increasing crude oil production to 2 million barrels per day by 2027, and further to 3 million barrels per day by 2030.
- Conducting comprehensive technical and commercial reviews of Nigeria’s refineries to restore full operational capacity and bolster domestic refining and energy security.
- Expanding natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
- Completing flagship gas pipeline projects, including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS) expansion, and the Obiafu–Obrikom–Oben (OB3) pipeline, all of which will dramatically improve domestic gas supply and facilitate regional energy integration across West Africa.
Ojulari stressed that the ongoing transformation is firmly anchored on three pillars: transparency, innovation, and disciplined growth. “We are deliberately positioning NNPC Limited as a globally competitive national energy company – one that delivers sustainable returns to its shareholders while powering the future of Nigeria and the African continent as a whole,” he declared.
The journey to this point has been nothing short of historic. Established in 1977 as the Nigerian National Oil Corporation and later renamed NNPC, the organisation operated for decades as a statutory corporation with quasi-fiscal responsibilities. The enactment of the Petroleum Industry Act in 2021 and the subsequent incorporation of NNPC Limited in July 2022 marked the most profound restructuring in its history, transforming it into an independent commercial entity governed by the Companies and Allied Matters Act (CAMA) and fully accountable to its shareholders – the Federation of Nigeria.
The 2024 results are a resounding validation of that transformation. Where once the corporation was synonymous with opacity and perennial losses, it now publishes audited financial statements, declares dividends, and competes on the global stage with the discipline of a private-sector company.
Analysts have welcomed the numbers as evidence that the PIA reforms are delivering the intended outcomes: greater efficiency, increased investor confidence, and a more predictable operating environment. The sharp rise in profitability also comes at a time when Nigeria is working to rebuild its crude production quota within OPEC, rehabilitate moribund refineries, and leverage its vast natural gas reserves to power industrialisation and generate export revenue.
For ordinary Nigerians, the implications are significant. Higher profits translate into larger remittances to the Federation Account, which funds federal, state, and local government budgets. A more efficient and profitable NNPC Ltd means greater capacity to invest in critical infrastructure, stabilise domestic fuel supply, and support the administration’s agenda of economic renewal.
As the company looks to the future, Ojulari’s message was one of cautious optimism tempered with resolve. The global energy landscape is undergoing rapid change – from the shift toward renewables to fluctuating oil prices and geopolitical tensions. Yet with a clear strategic roadmap, a revitalised workforce, and the backing of government policy, NNPC Ltd appears poised to not only navigate these challenges but to emerge as a leading player in Africa’s energy transition.
In the words of the GCEO, “Today’s results are not an endpoint but a launchpad. We are building an NNPC Limited that will stand the test of time – transparent, innovative, profitable, and unequivocally committed to powering Nigeria’s progress.”
With N5.4 trillion in profit now on the books and an ambitious $60 billion investment plan on the horizon, Nigeria’s national oil company has firmly signalled that its best days are yet to come.
