NNPC Announces Massive Profit, Unveils 2030 Growth Target
- The NNPC Limited has announced N5.4 trillion profit after tax on N45.1 trillion revenue for 2024
- The company has also revealed a $60 billion investment plan to boost oil, gas and clean energy capacity through 2030.
- Key targets include raising crude output to 3 million bpd and completing major gas pipeline projects to strengthen energy security.
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has posted a Profit After Tax of N5.4 trillion for the full year ended 2024.
In a statement released on X, the company said the performance is supported by strong sales performance and operational efficiencies.
Source: Twitter
The company’s audited results showed a revenue of N45.1 trillion, representing an 88% year-on-year increase.
Profit after tax grew 64% year-on-year, while earnings per share rose 64% to N27.07, a 64% year-on-year increase compared to 2023.
Group Chief Executive Officer Bashir Bayo Ojulari said that the earnings highlighted the positive momentum of the ‘ongoing transformation’ at the national oil company.
He said:
“Today, I am proud to announce a defining milestone in the history of our new company. These results are more than numbers; they are a validation of our strategic direction and the dedication of every member of the NNPC team.
"This performance strengthens our foundation to fuel Nigeria's economic growth and energy security, and it reaffirms our commitment to delivering sustained value for all our stakeholders.
The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.
“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.”
Strategic Roadmap to 2030
Building on the results, NNPC outlined a multi-year investment programme aimed at boosting oil and gas output, strengthening energy security, and supporting Nigeria’s transition towards cleaner energy sources.
The plan features a $60 billion investment pipeline across the energy value chain through 2030.
Key targets include:
- Raising crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
- Increasing natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030.
- Completing major pipeline projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) to boost domestic supply and regional gas exports.
- Scaling upstream, midstream and downstream investments to deepen domestic capacity and attract global capital.
Source: Twitter
Speaking further NNPC boss added:
“Our transformation is anchored on transparency, innovation and disciplined growth."
He added that the company is positioning itself as a globally competitive energy provider capable of delivering sustainable returns while powering Nigeria’s future.
NNPC reduces petrol price again, relief for Nigerians
Earlier, Legit.ng reported that the NNPCL has cut the pump price of Premium Motor Spirit (PMS), also known as petrol in Lagos.
Checks by Legit.ng revealed that petrol is being sold at N910 per litre in Lagos and N945 per litre in Abuja.
The price cut represents a N10 reduction from the previous N920 and N950 per litre in Lagos and Abuja, respectively.
However, some NNPCL stations have not started dispensing at the new rates, citing unsold stock and awaiting directives from management.
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Source: Legit.ng
