Nigeria's state-owned energy company has delivered an exceptional financial performance for the year 2024, posting unprecedented profits while charting an ambitious growth path through the end of the decade.
Record-Breaking Financial Performance
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a staggering N5.4 trillion profit after tax for the full year ended 2024. This remarkable achievement represents a substantial 64% year-on-year increase compared to the previous year's performance.
According to audited financial results released by the company, NNPC generated total revenue of N45.1 trillion during the period, marking an impressive 88% growth over the 2023 figures. The company's earnings per share also saw a significant boost, rising to N27.07 per share.
Group Chief Executive Officer Bashir Bayo Ojulari attributed this outstanding performance to strong sales outcomes and improved operational efficiencies across the organization. He emphasized that these results demonstrate the positive momentum of the ongoing transformation within the national oil company.
Strategic Vision Through 2030
Building on this financial success, NNPC has unveiled a comprehensive multi-year investment program designed to significantly enhance Nigeria's energy capacity and security. The ambitious plan features a $60 billion investment pipeline that will span across the entire energy value chain through 2030.
The strategic roadmap includes several key targets that will position Nigeria as a major global energy player. Among the primary objectives are increasing crude oil production to 2 million barrels per day by 2027, with a further expansion to 3 million barrels per day by 2030.
Natural gas production is also set for substantial growth, with targets to reach 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030. This expansion aligns with Nigeria's commitment to transitioning toward cleaner energy sources while meeting domestic and regional energy demands.
Major Infrastructure Projects
Critical to achieving these production targets is the completion of several major gas pipeline projects that will strengthen Nigeria's energy infrastructure. The company has prioritized the completion of key pipeline systems including:
- The Ajaokuta-Kaduna-Kano (AKK) pipeline project
- The Escravos-Lagos Pipeline System (ELPS)
- The Obiafu-Obrikom-Oben (OB3) pipeline
These infrastructure developments are expected to significantly boost domestic gas supply capacity while enhancing Nigeria's potential for regional gas exports. The projects form part of a broader strategy to scale upstream, midstream, and downstream investments that will deepen domestic capacity and attract global capital to Nigeria's energy sector.
CEO Bashir Bayo Ojulari reiterated that the company's transformation is firmly anchored on principles of transparency, innovation, and disciplined growth. He emphasized that NNPC is strategically positioning itself as a globally competitive energy provider capable of delivering sustainable returns while simultaneously powering Nigeria's economic future.
The record profits and ambitious growth plan come at a time when NNPC has also implemented price reductions for Premium Motor Spirit (petrol), providing some relief to Nigerian consumers. Recent checks indicate that petrol is now being sold at N910 per litre in Lagos and N945 per litre in Abuja, representing a N10 reduction from previous rates.
