NNPCL posts N5.4tn profit, unveils $60bn energy growth plan to 2030

Abdullateef Fowewe

Nigerian National Petroleum Corporation Limited has announced a robust financial performance for 2024, achieving a Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion, marking year-on-year growth of 64% and 88%, respectively.

This waI made known in a statement obtained on Monday from NNPCL.

The earnings reveal “the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Group CEO Bashir Bayo Ojulari during the earnings call.

Highlighting the Company’s vision beyond 2024, Ojulari pledged a strategic investment pipeline worth $60 billion aimed at sustaining growth and supporting Nigeria’s energy transition through the end of the decade.

Key targets include raising crude oil production to 2 million barrels per day by 2027 and 3 million by 2030, alongside boosting natural gas output to 10 bcf/d by 2027 and 12 bcf/d by 2030.

The roadmap incorporates critical infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines.

These will “strengthen domestic supply and regional integration,” Ojulari explained, stressing the Company’s commitment to being “a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

With earnings per share advancing 64% to ₦27.07, Ojulari stated these results “offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”