The Nigerian National Petroleum Company Limited announced a Profit After Tax of N5.4tn for the 2024 financial year, delivering one of its strongest results since it became a limited liability company. The Group Chief Executive Officer, Bayo Ojulari, laid out the numbers during a press briefing in Abuja and made it clear that the company had entered a new phase of financial strength.
The new profit figure shows a dramatic rise from the N3.297tn posted in 2023. With a 64 per cent year-on-year increase, NNPCL signalled that its strategy of boosting production, cutting costs, and tightening operational processes has begun to pay off. The company is riding a wave of growth that started in 2020 when it posted its first profit of N287bn, followed by N674bn in 2021 and N2.5tn in 2022. The 2024 results extend that streak and establish a new benchmark for the national energy company.
Ojulari explained that NNPCL generated N45.1tn in revenue for 2024, representing an 88 per cent increase compared with the previous year. He said the relative stability in the foreign exchange market, which followed the Central Bank of Nigeria’s decision to float the naira, played a key role in improving the company’s profitability. Even with that momentum, the company’s foreign exchange earnings dipped significantly. The financial statement shows that FX earnings dropped from N15.95bn in 2023 to N8.365bn in 2024, a decline of 47.6 per cent.
Despite this drop, Ojulari described the overall numbers as evidence of the company’s “positive momentum” and said the results reflect a disciplined approach to operations and the gains of recent market reforms. He credited the surge in profit to improved production across its assets, tighter spending controls, and favourable market dynamics in the upstream, midstream, and downstream sectors. He broke down the results with confidence: N45.1tn in revenue, a 64 per cent boost in Profit After Tax, and earnings per share of N27.07, also up by 64 per cent.
Ojulari described the results as more than a collection of figures. He said they represent hard work, consistency, and the commitment of NNPCL teams across Nigeria. In his words, the numbers “embody discipline, progress, and the dedication of our teams nationwide.” He said the company has never been in a stronger financial position and stressed that NNPCL is ready for the future.
To match the strong financial results, Ojulari also unveiled a long-term strategic roadmap that stretches through 2030. The plan aims to sustain the company’s growth and position it at the centre of Nigeria’s energy transition. NNPCL wants to expand oil and gas production, secure new investments, and strengthen the infrastructure that powers the energy sector. As part of its targets, the company plans to raise crude oil production to two million barrels per day by 2027 and hit three million barrels per day by 2030.
NNPCL also intends to sharply increase natural gas production, aiming for 10 billion standard cubic feet per day in 2027 and 12 billion scf/d by 2030. Ojulari said these targets go hand in hand with major infrastructure projects, including the Ajaokuta–Kaduna–Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline. These projects are critical to unlocking Nigeria’s gas potential and strengthening domestic supply.
The company is also pushing to attract $60bn in investments across all segments of the industry before the decade ends. Ojulari said this capital drive will support upstream expansion, expand gas processing and transportation networks, and accelerate the company’s clean-energy footprint. He said the company’s transformation rests on transparency, innovation, and disciplined growth, adding that NNPCL intends to evolve into a global energy company that delivers strong returns while powering the future of Nigeria and Africa.
Ojulari ended by saying that NNPCL’s growth journey is far from over. With stronger revenues, a clear direction, and rising efficiency, the company believes it can sustain its momentum and redefine its role in the global energy space.
