Announces $60 Billion Expansion Plan,
… As Ojulari Pledges Strategic Investments to Sustain Growth into Next Decade
NNPC Limited has recorded a historic Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion for 2024, marking its strongest financial performance in recent years.
The results showcase the company’s operational excellence and set the stage for ambitious investments to sustain growth through the next decade.
Strong Financial Performance
In a statement, Andy Odeh, Chief Corporate Communications Officer, quotes Bayo Ojulari, NNPC Ltd Group Chief Executive Officer as saying that the results reflect NNPC Limited’s financial resilience and the success of its transformation into a fully commercial, profit-driven entity.
Key figures from the 2024 financial year include:
- Revenue: ₦45.1 trillion, up 88% year-on-year
- Profit After Tax: ₦5.4 trillion, up 64% year-on-year
- Earnings Per Share (EPS): ₦27.07, up 64%
“The 2024 results demonstrate the positive impact of our ongoing transformation and the dedication of our workforce,” Ojulari said.
“They provide a strong foundation for the company’s ambitious growth plans and reaffirm our commitment to delivering value to Nigerians.”
$60 Billion Investment Pipeline
NNPC Limited is accelerating investments across oil and gas production, infrastructure, and clean energy initiatives to drive energy security and economic growth.
Strategic targets include:
- Crude Oil Production: 2 million barrels per day (bpd) by 2027; 3 million bpd by 2030
- Natural Gas Production: 10 billion cubic feet per day (bcf/d) by 2027; 12 bcf/d by 2030
- Completion of major gas infrastructure projects including Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines
- Mobilising $60 billion in investments across upstream, midstream, and downstream sectors by 2030
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. “NNPC Limited is positioning itself as a globally competitive energy company, delivering sustainable returns while powering the future of Nigeria and Africa.”
About NNPC Limited
Founded in 1977, NNPC Limited is Nigeria’s leading oil and gas company.
The organisation, fully commercial and profit-driven since 2022 under the Petroleum Industry Act (PIA), operates across the entire oil and gas value chain, from exploration and production to refining and distribution.
NNPC Limited plays a pivotal role in driving energy security and economic growth for Nigeria and the continent.
The 2024 Audited Financial Statement is available at www.nnpcgroup.com.
