By Bashir Bello
The Nigerian National Petroleum Company (NNPC) Limited has reported a landmark financial performance for the full year ended 2024, announcing a Profit After Tax (PAT) of ₦5.4 trillion. This strong result, shared during an earnings call with financial analysts, underscores significant strides in operational efficiency and strategic transformation.
The company’s robust financial results build a foundation for an ambitious strategic roadmap designed to drive sustained growth and bolster Nigeria’s energy security through the next decade. The plan outlines a substantial $60 billion investment pipeline across the entire energy value chain.
Financial Resilience and Operational Success
NNPC Limited demonstrated strengthened financial resilience in 2024. Revenue surged to ₦45.1 trillion, an impressive 88% year-on-year increase. The ₦5.4 trillion PAT marks a 64% year-on-year growth, with Earnings Per Share (EPS) also rising by 64% to ₦27.07.
Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, attributed the performance to the ongoing transformation efforts.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Ojulari stated. “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.”
Strategic Roadmap Targets Oil & Gas Expansion
To extend this growth into the next decade, NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy initiatives. The company’s strategic targets focus heavily on boosting national production capacity:
· Crude Oil Production: Targets aim to increase crude oil production to 2 million barrels per day (bpd) by 2027, with a further increase to 3 million bpd by 2030.
· Natural Gas Production: Plans call for growing natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
· Infrastructure & Investment: The company is committed to mobilizing $60 billion in investments across the upstream, midstream, and downstream sectors by 2030. Key gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines, are slated for completion to strengthen domestic supply and regional integration.
“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.”
A Transformed Entity
Established in 1977, NNPC underwent a major transition in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021. Today, NNPC Limited operates across the entire oil and gas value chain, playing a pivotal role in driving Nigeria’s growth and energy security.
The 2024 Audited Financial Statement is accessible to the public via the company’s website.
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