NNPC Limited Charts Ambitious Course for 2025 with Focus on Production and Efficiency
In a significant address to Business Editors in Abuja, the Nigerian National Petroleum Company Limited (NNPCL) has laid out a robust strategic plan aimed at driving sustained growth for the year 2025 and beyond. The state-owned oil firm is positioning itself for stronger performance through a multi-pronged approach that prioritises increased crude oil and gas production, deeper partnerships, and aggressive cost-efficiency measures across its vast operations.
Financial Performance and Strategic Roadmap
Unveiling the company's 2024 financial results, the Group Chief Executive Officer (GCEO), Bayo Ojulari, announced a staggering Profit After Tax of ₦5.4 trillion generated from a revenue of ₦45.1 trillion. He was quick to clarify that a significant portion of this profit was driven by foreign-exchange gains following policy changes by the Central Bank, which are not expected to repeat.
Looking forward, the company is banking on core 'fundamentals' to sustain its performance. “We are focusing on operational excellence, technical efficiency, disciplined spending, and increased investment,” Ojulari stated. Building on this, NNPCL has already achieved an impressive 15–20 per cent cost reduction this year, embedding efficiency as a central pillar of its corporate strategy.
The company's ambitious roadmap extends to 2030 and includes a massive $60 billion investment pipeline across the entire energy value chain, designed to support Nigeria's energy transition while boosting national revenue.
Boosting Production and Enhancing Security
On the critical issue of production, NNPCL reported tangible progress. Output has climbed from approximately 1.5 million barrels per day last year to about 1.7 million barrels per day currently. The company is confident it can reach 1.8 million barrels per day in 2025.
Achieving the long-term goal of two million barrels per day, however, is contingent on several factors. Ojulari highlighted that investor confidence, stable fiscal conditions, and the security of oil infrastructure are crucial. He credited recent improvements in pipeline security in the Niger Delta, achieved through government-backed surveillance partnerships, for restoring transparency in production volumes and rebuilding investor trust. Reduced theft and better pipeline visibility are now key enablers for higher output.
Gas Monetisation and Refinery Rehabilitation
In the gas sector, NNPCL is making major strides in both export and domestic utilisation. A landmark development is the clearance for non-shareholder third-party suppliers to supply gas to the Nigeria LNG (NLNG) for the first time, a move that unlocks new value chains and enhances market flexibility.
The firm is aggressively expanding its LNG, CNG, and related infrastructure projects. These initiatives are aimed at reducing transportation costs for Nigerians, strengthening industrialisation, and fully monetising the country's vast gas reserves.
Regarding the nation's refineries, NNPCL confirmed that ongoing rehabilitation work will include a 'hybrid' redesign. This is intended to ensure the refineries can produce fuels that meet modern international specifications. Ojulari added that the concrete partnership and technical agreements needed to support this transition are expected to be finalised by mid-2026.
Overall, the NNPCL boss expressed strong optimism. He stressed that the powerful combination of higher production, stronger gas monetisation, significant cost savings, and improved investor relations places the company on a solid trajectory to unlock the full value of Nigeria's oil and gas resources for the benefit of the nation.
