The Nigerian National Petroleum Company (NNPC) Limited announced a record profit after tax of N5.4 trillion for the full year ending December 2024 . The result shows strong growth for the state-owned energy company.
The company's Group Chief Executive Officer, Bayo Ojulari, presented the financial results in Abuja on November 24, 2025 . He said the earnings highlight the positive momentum of the company's ongoing transformation .
The 2024 profit marks a major increase from the previous year. The company's profit after tax for 2023 was N3.297 trillion . This means the 2024 profit grew by 64 percent year-on-year . The company's total revenue for 2024 reached N45.1 trillion, an 88 percent increase from the prior year . Earnings per share also grew by 64 percent to N27.07 .
Company leadership attributed the strong performance to several factors. These include improved operational efficiency, cost-cutting measures, and favorable market conditions across its business units . The GCEO also mentioned that stability in the foreign exchange market helped the company's profitability .
The company was founded in 1977 and underwent a major change in 2022. It became a fully commercial and profit-driven entity under the Petroleum Industry Act of 2021 . This transformation is part of the government's plan to make the oil company more competitive .
Alongside the financial results, the company unveiled a detailed strategic roadmap for sustained growth and energy security through 2030 . The plan prioritizes increasing oil and gas production and outlines a massive investment pipeline across the energy value chain .
The company aims to mobilize $60 billion in investments across the upstream, midstream, and downstream sectors by the year 2030 . This investment is intended to power the future of Nigeria and the African continent .
Key production targets form the core of this new strategy. For crude oil, the goal is to increase production to 2 million barrels per day by 2027. The plan is to further raise this to 3 million barrels per day by the year 2030 . Nigeria has struggled to reach these production levels in recent years due to challenges like pipeline vandalism and theft .
The strategy also has ambitious goals for natural gas. The company plans to grow natural gas production to 10 billion cubic feet per day by 2027. It then aims to reach 12 billion cubic feet per day by 2030 . To support this, the company will focus on completing major gas infrastructure projects . These include the Ajaokuta-Kaduna-Kano pipeline, the Escravos-Lagos Pipeline System, and the Obiafu-Obrikom-Oben pipeline . These projects are seen as critical for strengthening the domestic gas supply and expanding regional exports .
The company's financial improvement occurs alongside other positive signs in Nigeria's energy sector. The federal government recently reported that its earnings from oil and gas royalties surged by 179 percent in the 2024 fiscal year . Royalty payments from oil companies to the government reached N6.99 trillion, up from N2.49 trillion in 2023 . Industry experts suggest that the implementation of the Petroleum Industry Act has been instrumental in driving more investment into Nigeria's upstream oil and gas sector .
The company's recent performance and future plans represent a significant shift. For decades, the organization had a reputation for opacity. Its conversion into a limited liability company in 2022 marked a new chapter focused on commercial viability . The release of audited financial statements is part of its commitment to transparency and accountability .
The company's leadership expressed confidence about the future. The GCEO stated that the 2024 results provide a solid foundation for the ambitious growth ahead . He also said the company is positioned for a better financial year in 2025 based on its fundamental performance .
The company's ability to meet its production and investment goals will be closely watched. Success will depend on factors like regulatory stability, improved security across oil pipelines, and the timely delivery of key infrastructure projects . Achieving these goals would significantly boost Nigeria's economy and energy security.