NNPC Limited has announced a Profit After Tax of ₦5.4 trillion for the full year ended 2024, marking a 64 percent increase compared to the previous year, on revenue of ₦45.1 trillion, which represents an 88 percent growth. The results, disclosed during an earnings call with analysts, reflect strong operational performance and the company’s growing financial resilience.

Speaking on the results, Group Chief Executive Officer Bashir Bayo Ojulari described the earnings as a demonstration of the company’s transformation momentum and the dedication of its workforce. He stated that the performance provides a solid foundation for the ambitious growth plans ahead and aligns with President Bola Ahmed Tinubu’s mandate to strengthen Nigeria’s energy sector while delivering value to Nigerians.

“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Ojulari said. “They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”

NNPC Limited also unveiled a strategic roadmap aimed at sustaining growth and supporting Nigeria’s energy transition through 2030. The plan focuses on boosting crude oil production to 2 million barrels per day by 2027 and 3 million by 2030, expanding natural gas production to 10 billion cubic feet per day by 2027 and 12 bcf/d by 2030, and completing key gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines. The company aims to mobilise $60 billion in investments across upstream, midstream, and downstream sectors by 2030.

Ojulari emphasized that the transformation of NNPC Limited is grounded in transparency, innovation, and disciplined growth, positioning the company as a globally competitive energy enterprise capable of delivering sustainable returns while powering Nigeria and Africa’s energy future.

“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.”

Founded in 1977, NNPC Limited underwent a major transformation in July 2022 under the Petroleum Industry Act (PIA) of 2021, evolving into a fully commercial, profit-driven entity. Today, it plays a pivotal role across the entire oil and gas value chain—from exploration and production to refining and distribution—driving energy security and economic growth for Nigeria and the continent.