National oil company targets major production boost and new gas infrastructure as it unveils 2030 growth roadmap….
The Nigerian National Petroleum Company (NNPC) Limited has released its full-year 2024 financial results, announcing a profit after tax of ₦5.4 trillion from total revenue of ₦45.1 trillion.
The figures were disclosed during an earnings call with analysts, with the Company’s Chief Corporate Communications Officer, Andy Odeh, describing the year as one of strong operational execution and sustained momentum.
Alongside the impressive financial performance, NNPC Limited rolled out a long-term strategic plan designed to support Nigeria’s energy transition and secure steady growth through 2030. Central to this roadmap is an ambitious $60 billion investment programme targeting the entire energy value chain, with a focus on boosting crude oil and gas production.
2024 Financial Highlights
- Revenue: ₦45.1 trillion (88% year-on-year increase)
- Profit After Tax: ₦5.4 trillion (64% year-on-year increase)
- Earnings Per Share: ₦27.07 (64% year-on-year increase)
Group Chief Executive Officer, Bayo Ojulari, said the results reflect the Company’s ongoing transformation and the dedication of its workforce.
“The earnings highlight the positive momentum of our transformation journey and the unwavering commitment of our people,” Ojulari stated. “They provide a solid platform for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
Roadmap for Growth and Energy Security
NNPC Limited stressed that it is ramping up investments across the upstream sector, gas development, and clean energy initiatives in order to extend growth well into the next decade.
Key goals outlined in the plan include:
- Raising crude oil output to 2 million barrels per day (bpd) by 2027, and 3 million bpd by 2030.
- Increasing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030, while fast-tracking major pipeline projects such as the AKK (Ajaokuta–Kaduna–Kano), ELPS (Escravos–Lagos Pipeline System), and OB3 (Obiafu–Obrikom–Oben) to enhance domestic supply and regional energy integration.
- Mobilising $60 billion in investments across upstream, midstream, and downstream operations by 2030.
Ojulari added that the company’s transformation strategy is grounded in transparency, innovation, and disciplined growth.
“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” he said.
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