By our staff Correspondent
ABUJA – NNPC Limited, Nigeria’s national oil company, has reported a robust financial performance for the full year ended 2024, posting a Profit After Tax (PAT) of ₦5.4 trillion. This figure marks a 64% year-on-year growth, underscoring the company’s strengthened financial resilience following its commercialisation.
The company’s full-year results, shared with analysts on November 24, 2025, show massive revenue growth, hitting ₦45.1 trillion, an 88% year-on-year increase. Earnings Per Share (EPS) mirrored the PAT growth, rising by 64% to ₦27.07.
Ambitions on Production and Investment
Building on the 2024 financial highlights, NNPC Limited’s Group Chief Executive Officer, Bashir Bayo Ojulari, detailed a strategic roadmap for sustained growth and Nigeria’s energy transition. The plan is underpinned by an ambitious $60 billion investment pipeline across the energy value chain by 2030.
The core of the strategy focuses on significantly scaling up hydrocarbon production:
Crude Oil: NNPC aims to boost crude oil output to 2 million barrels per day (bpd) by 2027 and further to 3 million bpd by 2030.
Natural Gas: Gas production is targeted to grow to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
This production push is supported by the completion of crucial gas infrastructure, including the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines, which are set to strengthen domestic supply and regional integration.
Transformation Drives Value
Mr. Ojulari attributed the strong results to the “positive momentum of our ongoing transformation” under the Petroleum Industry Act (PIA) of 2021, which saw the organisation become a fully commercial, profit-driven entity in July 2022.
“The earnings highlight… the 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,” Ojulari stated.
The CEO concluded that NNPC Limited is positioning itself as a “globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” anchoring its strategy on transparency, innovation, and disciplined growth.
