The Nigerian National Petroleum Company Limited has declared a profit after tax of N5.4 trillion for the financial year ended 2024. This marks one of its strongest performances since its transition into a limited liability company.
Speaking during a press briefing in Abuja, the Group Chief Executive Officer of NNPCL, Bayo Ojulari, announced the financial results, revealing figures which represent a sharp improvement from the 2023 financial year, when the company posted a Profit After Tax of N3.297tn.
The 2024 profit shows a 64 per cent year-on-year increase, revealing the impact of higher production volumes, cost-cutting measures and improved operational efficiency across its assets.
According to Bayo, the state-owned energy giant also recorded N45.1tn in revenue, representing 88 per cent year-on-year growth, and the performance signals the positive momentum of the NNPCL’s ongoing transformation drive, driven mainly by operational discipline and market reforms.
He stated that the rise in earnings is thanks to cost-optimisation measures, enhanced production volumes and favourable market conditions.
“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,” he said.
He further announced a long-term strategic roadmap aimed at sustaining growth and advancing Nigeria’s energy transition through 2030.
Ojulari concluded by saying that the plan will focus on boosting oil and gas production and mobilising major investments across the value chain.
“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. We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” he added.
