Revenue: ₦45.1 Trillion, 88% year-on-year growth
Profit After Tax: ₦5.4 Trillion, 64% year-on-year growth
Earnings Per Share: ₦27.07, 64% year-on-year growth
Nigeria’s national oil company, NNPC Ltd., on Monday declared a profit after tax of N5.4 trillion (approximately US$3.7 billion) after growing its revenue to N45.1 trillion (approximately US$30.9 billion) for the 2024 financial year.
Group Chief Executive Officer of NNPC, Bashir Omaru Ojulari, attributed the strong profit to significant growth in the company’s revenue, representing an 88 per cent year-on-year increase.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce. They provide a solid foundation for the ambitious growth ahead, in line with President Bola Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians,” he said.
Mr. Ojulari said the performance was driven by several key factors, including enhanced operational efficiency across the company’s assets, the positive impact of downstream market reforms, and a firm commitment to cost discipline.
He added that, building on its 2024 performance, NNPC Ltd. has unveiled a strategic roadmap designed to sustain growth, strengthen energy security, and support Nigeria’s energy transition through 2030.
“The plan prioritises increased oil and gas production and outlines a US$60 billion investment in pipelines across the energy value chain,” he noted.
Speaking further on the roadmap for sustained growth and energy security, Mr. Ojulari said the company is accelerating investments across upstream operations, gas infrastructure, and clean energy to sustain growth into the next decade.
He listed key strategic targets, including increasing crude oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030.
According to him, NNPC is reviewing the technical and commercial viability of Nigeria’s refineries to strengthen domestic energy security.
He said the company is also targeting an increase in natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030, alongside the completion of major gas infrastructure projects.
He named the projects as the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS), and the Obiafu–Obrikom–Oben (OB3) pipeline, aimed at improving domestic supply and boosting regional integration.
“Our transformation is anchored on transparency, innovation, and disciplined growth. 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.
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