NNPC Ltd Announces Record ₦5.4 Trillion Profit, Launches $60bn Investment Plan to Boost Nigeria’s Oil & Gas Future

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NNPC Limited has posted a landmark Profit After Tax of ₦5.4 trillion for the full year ended 2024, reaffirming its position as Nigeria’s leading energy powerhouse and one of Africa’s most profitable state-owned enterprises.

A statement signed by Andy Odeh
Chief Corporate Communications Officer, NNPC Ltd, said the announcement was made on Monday during the company’s earnings call with analysts, where the management also unveiled an ambitious investment roadmap aimed at transforming Nigeria’s oil and gas landscape through 2030.

According to the results, NNPC Ltd recorded a revenue of ₦45.1 trillion, representing an impressive 88 percent year-on-year growth, while profit surged by 64 percent. The company’s Earnings Per Share also grew by 64 percent to ₦27.07, reflecting improved efficiency, strengthened operations, and robust energy market performance.

Group Chief Executive Officer, Bashir Bayo Ojulari, described the performance as a clear indication of the company’s growth trajectory and its commitment to supporting President Bola Ahmed Tinubu’s economic agenda. Ojulari said the positive results demonstrate the impact of the company’s transformation efforts and the dedication of its workforce, noting that the strong financial position provides a solid foundation for future expansion.

In line with its long-term strategy, NNPC Ltd announced a $60 billion investment pipeline that will drive growth across the upstream, midstream, and downstream sectors of the industry. The company plans to significantly scale up Nigeria’s production capacity, targeting 2 million barrels of crude oil per day by 2027 and 3 million barrels per day by 2030. It also aims to increase natural gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030, supported by the completion of critical infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) Pipeline, the Escravos-Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) gas pipeline.

Ojulari emphasised that the company’s strategic vision is anchored on transparency, innovation, and disciplined capital deployment. He stated that NNPC Ltd is being positioned to compete globally while delivering sustainable value to Nigerians and contributing to Africa’s energy stability.

Founded in 1977 and transformed into a fully commercial corporation under the Petroleum Industry Act (PIA) 2021, NNPC Limited now operates as a profit-driven enterprise with expanding responsibilities across exploration, production, refining, gas development, and energy distribution. Its continued financial success underscores its vital role in driving economic growth and ensuring national energy security.

NNPC Ltd urged the public to access its 2024 Audited Financial Statement for a detailed breakdown of its performance.