Nigeria’s state oil firm, NNPC Limited, posted a Profit After Tax of ₦5.4 trillion for 2024, driven by higher output and strict cost control. Revenue rose to ₦45.1 trillion, up 88% from the previous year. The company said the gains showed stronger operations after years of reforms.
NNPC’s CEO, Bashir Bayo Ojulari, said the results marked “positive momentum” in the firm’s shift into a fully commercial business under the Petroleum Industry Act. Profit grew 64% year-on-year, with earnings per share rising to ₦27.07, also up 64%. “This gives us a firm base for bold growth,” he told analysts on the earnings call.
The company also unveiled a plan to expand oil and gas output through 2030. It targets 2 million barrels per day by 2027 and 3 million bpd by 2030. Gas production is set to rise to 10 bcf/d by 2027 and 12 bcf/d by 2030. Major pipeline projects like AKK, ELPS and OB3 will support domestic supply and regional energy links.
Ojulari said NNPC aims to attract $60 billion in new investments across its upstream, midstream and downstream assets by 2030. He said the company would “power Nigeria’s future” with a mix of oil, gas and clean energy, adding that transparency and innovation would guide the next phase. NNPC was founded in 1977 and became a profit-driven firm in 2022.
Read more on NNPC boosts transparency ahead of planned IPO, targets 20% stake in Dangote Refinery
