NNPC Revenue Hits N45tn, Declares N5.4trn Profit

The Nigerian National Petroleum Company Limited (NNPCL) has declared a profit after tax of N5.4tn for the financial year ended 2024, marking one of its strongest performances since its transition into a limited liability company.

The Group Chief Executive Officer of NNPCL, Bayo Ojulari, announced the financial results during a press briefing on Monday in Abuja. The latest figures represent a sharp improvement from the 2023 financial year, when the company posted a Profit After Tax of N3.297tn.

The 2024 profit reflects a 64 per cent year-on-year increase, signalling the impact of higher production volumes, cost-cutting measures, and enhanced operational efficiency across its assets.

NNPCL’s latest results extend a remarkable profitability streak that began in 2020, when the company recorded its first-ever profit of N287bn, rising to N674bn in 2021 and N2.5tn in 2022.

Presenting the results, Ojulari said the state-owned energy giant also recorded N45.1tn in revenue, representing 88 per cent year-on-year growth. He said stability in the foreign exchange market, following the floating of the naira by the Central Bank of Nigeria, boosted the profitability of the national oil company.

However, an analysis of the group’s foreign exchange earnings showed a near halving in 2024, falling to N8.365 billion from N15.95 billion in 2023, representing a 47.6 per cent decline, according to the released financial statement.

The GCEO said the performance demonstrated the “positive momentum” of the organisation’s ongoing transformation drive, driven largely by operational discipline and market reforms.

Ojulari also attributed the surge in earnings to cost-optimisation measures, improved production volumes, and favourable market conditions across the company’s upstream, midstream, and downstream segments.

According to him, a breakdown showed that NNPCL recorded N45.1tn in revenue (88 per cent growth), N5.4tn Profit After Tax (64 per cent growth), and N27.07 earnings per share, also up by 64 per cent.

Ojulari said, “The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress, and the dedication of our teams nationwide. Yet, we recognise that figures alone cannot speak. They require context, clarity, and accessible interpretation, and that is where you play a vital role.

“To provide that context, let me underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of N5.4tn, supported by N45.1tn in revenue.

“This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms, and our unwavering commitment to cost discipline. Financially, we have never been stronger or better positioned for tomorrow.”

Ojulari also announced a long-term strategic roadmap aimed at sustaining growth and advancing Nigeria’s energy transition through 2030. The plan focuses on boosting oil and gas production and mobilising major investments across the value chain.

Under the targets released, NNPC Ltd aims to raise crude oil output to two million barrels per day by 2027 and three million barrels per day by 2030.

The GCEO also plans to expand natural gas production to 10 billion standard cubic feet per day in 2027 and 12 billion scf/d in 2030, alongside completing key infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline.

The company is further seeking to attract $60bn in investments across the upstream, midstream, and downstream segments by the end of the decade.

“NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include mobilising $60bn in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”