NNPC Limited, Nigeria’s leading oil and gas company, has announced a staggering profit after tax of ₦5.4 trillion for the full year ended 2024, marking an important in-road in the country’s energy sector. The company’s revenue also saw a substantial increase, rising to ₦45.1 trillion.
Speaking during an earnings call with analysts, Bashir Bayo Ojulari, Group Chief Executive Officer, attributed the impressive performance to the company’s ongoing transformation and the dedication of its workforce.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Ojulari said.
“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.”
Ojulari also unveiled NNPC Limited’s strategic roadmap, which prioritizes increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain. The company aims to increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
Additionally, NNPC Limited plans to grow natural gas production and complete major gas infrastructure projects, such as the Ajaokuta-Kaduna-Kano pipeline, Escravos-Lagos Pipeline System, and Obiafu-Obrikom-Oben pipelines, to strengthen domestic supply and regional integration.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari said. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
The company’s impressive financial performance and ambitious growth plans are expected to have a significant impact on Nigeria’s energy sector and economy as a whole. With its strong foundation and clear vision, NNPC Limited is well-positioned to drive growth and development in the country.