The Nigerian National Petroleum Company Limited (NNPCL) today declared a remarkable financial performance for the 2024 fiscal year, reporting a massive surge in profitability and simultaneously unveiling an aggressive multi-year growth strategy.
Group Chief Executive Officer (GCEO), Bashir Bayo Ojulari, announced at a press briefing in Abuja that the NNPCL posted a profit after tax (PAT) of \text{N}5.4 trillion, representing a substantial 64% year-on-year growth from the previous year.
The GCEO attributed the record-breaking performance to enhanced operational efficiencies, robust cost-optimization measures, and the positive impact of ongoing transformation under the Petroleum Industry Act (PIA). Revenue for the year also jumped by 88% to \text{N}45.1 trillion.
GCEO Bashir Bayo Ojulari: “The 2024 financial results we unveiled today embody discipline, progress and the dedication of our teams nationwide… The earnings highlight the positive momentum of our ongoing transformation and reaffirm our commitment to delivering value to Nigerians.”
Building on the strong financial foundation, the NNPCL unveiled its strategic roadmap to support the nation’s energy transition, prioritizing a major investment influx. The company is seeking to mobilize \text{\$60} billion in new investments across the entire energy value chain by 2030.
Key strategic targets linked to this massive investment drive include:
• Production Goal: Boosting crude oil output to 3 million barrels per day (bpd) and natural gas production to 12 bcf/d by 2030.
• Infrastructure: Completing critical gas infrastructure projects to strengthen domestic supply and regional integration, such as the Ajaokuta-Kaduna-Kano (AKK) pipeline.
The announcement positions NNPCL as a key driver of President Bola Tinubu’s economic mandate, aiming to create a globally competitive energy company that delivers sustainable returns and ensures Nigeria’s energy security.
