NNPC Limited has announced a landmark financial performance for the full year ended 2024, reporting a record Profit After Tax (PAT) of ₦5.4 trillion on a massive revenue of ₦45.1 trillion, reports ITREALMS.
These results, shared during the company's recent earnings call, underscore a period of robust operational delivery and efficiency following its commercial transition.
The ₦5.4 trillion PAT represents a significant 64% year-on-year growth, while the overall revenue saw an impressive 88% jump compared to the previous year, resulting in an Earnings Per Share of ₦27.07.
Building on this financial resilience, the Company unveiled an aggressive strategic roadmap aimed at driving sustained growth and supporting Nigeria’s energy future through 2030.
Building on this financial resilience, the Company unveiled an aggressive strategic roadmap aimed at driving sustained growth and supporting Nigeria’s energy future through 2030.
This plan prioritises substantial increases in oil and gas production and outlines a $60 billion investment pipeline earmarked for the entire energy value chain.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer.
Stressing “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. Our transformation is anchored on transparency, innovation, and disciplined growth.”
NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend this growth into the next decade.
NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend this growth into the next decade.
Key strategic targets include increasing crude oil production to 2 million barrels per day (bpd) by 2027 and further to 3 million bpd by 2030.
Simultaneously, the company plans to grow natural gas production to 10 billion standard cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
To strengthen domestic supply and regional integration, major gas infrastructure projects like the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines will be completed.
The plan culminates in the mobilization of $60 billion in total investments across the upstream, midstream, and downstream sectors by 2030.
Ojulari concluded: “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
Ojulari concluded: “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
NNPC Limited, founded in 1977, underwent a major transformation in July 2022 to become a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021, and now plays a pivotal role in driving energy security for the continent.
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