By Obinna Uballa
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has released its audited financial statement for 2024, reporting a Profit After Tax (PAT) of N5.4 trillion on a revenue base of N45.1 trillion, the highest in its history.
The 2024 revenue released on Monday reflects an 88% year-on-year increase, while the PAT rose by 64% compared to 2023. Earnings per share grew to N27.07, also a 64% improvement.
According to the company, the impressive results were driven by strengthened operational efficiency, downstream market reforms, cost-discipline measures, and ongoing investment in critical oil and gas infrastructure.
NNPC said it is accelerating major gas projects, including the Ajaokuta-Kaduna-Kano (AKK) pipeline and the Obiafu-Obrikom-Oben (OB3) line, to boost domestic supply and unlock new revenue streams. It is also reassessing the technical and commercial viability of Nigeria’s refineries as part of efforts to strengthen energy security.
The company is pursuing a $60 billion investment pipeline to scale production, targeting 3 million barrels per day by 2030 and increasing natural gas output to 12 billion cubic feet per day.
Speaking in Abuja while announcing the results, Group Chief Executive Officer, Bayo Ojulari, reaffirmed production targets of 2 million barrels per day by 2027 and 3 million bpd by 2030. He said natural gas production is projected to hit 10 bcf/d by 2027.
Ojulari attributed part of the profit surge to the Central Bank of Nigeria’s currency float in early 2024, which improved the company’s financial position.
He added that NNPC achieved a 15–20% reduction in overall costs, eliminating non-critical spending and improving capital discipline.
“We optimised operations, cut unnecessary expenses, and strengthened our performance fundamentals,” he said. “NNPC is now on a sustainable growth trajectory.”
Ojulari said the company is seeking partnerships with private refinery operators to revive Nigeria’s refining capacity. Such partnerships, he emphasised, would be purely commercial, under the Companies and Allied Matters Act (CAMA), not government-driven.
On the timeline for refinery restoration, he said clearer targets would emerge by mid-2026.
NNPC Chairman, Ahmadu Kida, praised the company’s progress, noting that Nigeria is strategically positioned to meet rising global energy demand while advancing toward a low-carbon future.
He said Nigeria aims to leverage oil and gas revenues to fund growth, drive energy diversification, and invest in cleaner technologies.
“The opportunities ahead are immense,” Kida said. “Leadership reforms at NNPC have laid the foundation for transformational growth.”
Auditors certify financial health
Independent auditors – PwC, SIAO, and Muhtari Dangana & Co. – affirmed that the statements were prepared in accordance with the going-concern principle and that nothing indicates the company cannot sustain operations for at least 12 months.
“No significant events after the reporting date that may impact going concern have been noted,” they confirmed, according to a statement from NNPC.
