The Nigeria National Petroleum Company Limited has released its full-year 2024 financial results, reporting a Profit After Tax of ₦5.4 trillion from total revenue of ₦45.1 trillion—its strongest performance since commercialisation.
The figures were presented during an earnings call with analysts, where the company highlighted significant progress in operational efficiency and financial resilience. Building on this momentum, it also unveiled a strategic growth roadmap designed to sustain performance and support the country’s energy transition agenda through 2030.
According to Group Chief Executive Officer Bayo Ojulari, the results reflect the organisation’s transformation efforts and the commitment of its workforce.
He noted that revenue rose by 88% year-on-year, while profit grew by 64%. Earnings per share also climbed by 64% to ₦27.07. “These earnings highlight the positive momentum of our ongoing transformation and offer a solid foundation for the ambitious growth ahead,” he said.
The roadmap, outlined in a statement signed by Chief Corporate Communications Officer Andy Odeh, focuses on boosting production, expanding gas infrastructure, and accelerating investments across the energy value chain. The plan includes increasing crude oil output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, as well as growing natural gas production to 10 bcf/d and 12 bcf/d within the same timelines.
Key gas projects—such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos-Lagos Pipeline System, and the Obiafu-Obrikom-Oben pipeline—are being prioritised to strengthen domestic supply and support regional integration. The company also plans to mobilise $60 billion in investments across the upstream, midstream, and downstream sectors before the end of the decade.
Beyond infrastructure, the organisation is expanding collaborations with international and local partners to unlock capital for major oil and gas developments. These partnerships are expected to fast-track upstream projects and scale gas-to-power initiatives crucial for industrial growth.
As part of its long-term transition strategy, the company is also channeling investments into cleaner fuels, renewable energy, and technology innovations aimed at reducing emissions and enhancing operational efficiency. This, it said, aligns with global trends and positions Nigeria competitively within the evolving energy landscape.
The statement reaffirmed that transparency, governance, and disciplined growth remain central to its operations under the Petroleum Industry Act. With strong results, a clear strategy, and an expansive investment pipeline, the company expressed confidence in its ability to deliver sustainable value, strengthen national energy security, and contribute significantly to economic stability.