The results were announced during the company’s earnings call with analysts on Tuesday, marking the strongest financial performance since its transition into a fully commercial entity under the Petroleum Industry Act in 2022.Key 2024 Financial Highlights 

• Revenue: ₦45.1 trillion (+88% YoY) 

• Profit After Tax: ₦5.4 trillion (+64% YoY) 

• Earnings Per Share: ₦27.07 (+64% YoY)

Speaking on the results, Group Chief Executive Officer Bashir Bayo Ojulari said: 

“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce. They 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.”

Alongside the financial results, NNPC Limited launched its strategic roadmap through 2030, which includes mobilising $60 billion in investments across the energy value chain and targets significant production increases:

•Crude oil production to reach 2 million barrels per day by 2027 and 3 million bpd by 2030 

• Natural gas production to rise to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030 

• Completion of critical gas infrastructure including the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. 

“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”