By: Thinkbusiness Africa
Nigeria National Petroleum Company Limited (NNPCL) declared on Monday a monumental Profit After Tax (PAT) of N5.4 trillion for the full year ended 2024, marking a significant milestone in the national energy company’s ongoing transformation. The record earnings were achieved on a gross revenue of N45.1 trillion.
The impressive financial results, reported by the state owned oil company represent an 88% year-on-year growth in revenue and a robust 64% year-on-year growth in PAT. Earnings Per Share (EPS) also climbed 64% to ₦27.07.
Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, emphasized that the strong performance reflects the success of the company’s transformation agenda and the dedication of its workforce.
The CEO asserted that the company is positioning itself as a globally competitive energy company focused on delivering sustainable returns while powering the future of Nigeria and Africa.
Building on the 2024 success, NNPC Limited unveiled an aggressive strategic roadmap designed to drive sustained growth, enhance energy security, and support Nigeria’s energy transition through 2030.
The company plans to mobilize $60 billion in investments across the upstream, midstream, and downstream sectors by 2030, reinforcing its commitment to maintaining momentum into the next decade.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Ojulari. “They offer a solid foundation for the ambitious growth ahead.” Ojulari said.
NNPCL is aiming to boost crude oil production to 2 million barrels per day (bpd) by 2027, ultimately targeting 3 million bpd by 2030.
The company major focus is on gas, with targets set to grow natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.
According to NNPCL This expansion will be supported by the accelerated completion of critical gas infrastructure projects across the country, including the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) pipelines.
In 2025, the company earnings fluctuated peaking at N1.054 trillion in May 2025 before a significant drop to N216 billion by September 2025.
The average crude oil output for 2025 has been reported to hover around 1.6 million barrels per day (mbpd), which is below Nigeria’s official budget benchmark of 2.06 mbpd.
NNPCL remitted a combined N801.3 billion from Management Fees and Frontier Exploration Funds in the first nine months of 2025, representing 56.5% of the projected annual budget for those streams.
