The Nigerian National Petroleum Company (NNPC) Limited has announced a profit after tax (PAT) of N5.4 trillion for the 2024 financial year, marking one of its strongest performances since its transition into a commercial entity.

 

The figures were disclosed by Group Chief Executive Officer (GCEO) Bayo Ojulari on Monday during a media briefing in Abuja, presenting the company’s 2024 audited financial statements.

 

According to Ojulari, the profit represents a N2.1 trillion increase from the N3.3 trillion recorded in 2023, reflecting a 64 percent growth driven by improved operational efficiency and market reforms across the oil and gas value chain.

 

The national oil company also recorded N45.1 trillion in revenue for 2024, an 88 percent year-on-year surge, and achieved an earnings per share of N27.07. Crude oil and gas production stood at 202.3 million barrels and 1.04 billion standard cubic feet (SCF), respectively.

 

Ojulari highlighted that the company’s retail footprint expanded to 1,096 outlets nationwide, further supporting its growth.

 

“In 2024, NNPC Limited achieved profit after tax of N5.4 trillion, supported by N45.1 trillion in revenue,” Ojulari said.

“This outcome was driven by enhancing operational efficiency across all our businesses, positive impacts on downstream markets, reforms, and our commitment to cost discipline.”

 

Looking ahead, NNPC is targeting a daily crude oil production of three million barrels by 2030, alongside a goal to increase gas production to 12 billion cubic feet per day. Ojulari emphasized that these targets are part of the company’s long-term strategy to strengthen Nigeria’s position in the global energy market.

 

He also noted that the company’s robust performance is built on the foundation laid by the Petroleum Industry Act (PIA) of 2021, which has facilitated operational reforms and financial discipline.

 

“Financially, we have never been stronger or better positioned for tomorrow,” Ojulari added.

 

The announcement underscores NNPC’s commitment to expanding production, improving efficiency, and delivering value to shareholders and the Nigerian economy.