The Nigerian National Petroleum Company Limited (NNPCL) has recorded a landmark ₦5.4 trillion profit after tax for 2024 on total revenue of ₦45.1 trillion, signalling one of the strongest financial performances since it became a fully commercialised entity. Bashir Bayo Ojulari, GCEO, announced the results during an earnings call with journalists on Monday in Abuja.
According to Ojulari, revenue grew 88 per cent, profit rose 64 per cent, and earnings per share climbed to ₦27.07, driven by tighter cost controls, improved operational efficiency, and reforms in the downstream market. The company declared a ₦4.3 trillion dividend. Total crude production reached 202.3 million barrels, while gas production hit 1,045.5 billion standard cubic feet. NNPC Retail also expanded its network to 1,096 service stations nationwide.
Looking ahead, NNPCL has outlined an ambitious strategy to boost oil output to 1.8 million barrels per day next year and to 2 million barrels per day by 2027, with a long-term target of 3 million barrels per day by 2030. Gas production is slated to rise to 10 bcf/d by 2027 and 12 bcf/d by 2030. Achieving these targets will require attracting up to $60 billion in new investments into Nigeria’s upstream, midstream, and downstream sectors.
A major component of the new strategy is a complete shift in refinery operations. Ojulari revealed that NNPCL will engage private-sector operators with proven technical capacity to rebuild and run the refineries in Port Harcourt, Warri, and Kaduna. These partnerships, expected by mid-2026, will support comprehensive redesigns aimed at producing high-grade, globally competitive fuels.
Ojulari expressed optimism that with rising efficiency and disciplined execution, NNPCL can achieve “even stronger” financial results in 2025.
