The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a Profit After Tax (PAT) of N5.4 trillion on N45.1 trillion revenue for the full year ended 2024, marking a 64% year-on-year increase in profit and an 88% rise in revenue compared to 2023. Earnings per share rose to N27.07, up 64% from the previous […]
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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a Profit After Tax (PAT) of N5.4 trillion on N45.1 trillion revenue for the full year ended 2024, marking a 64% year-on-year increase in profit and an 88% rise in revenue compared to 2023. Earnings per share rose to N27.07, up 64% from the previous year.
The national oil company attributed the performance to improved operational efficiency, downstream market reforms, cost discipline, and the positive impact of the Central Bank of Nigeria’s decision to float the naira.
Strategic Projects and Production Goals NNPC continues to advance major gas infrastructure projects including the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) pipelines to drive a gas-powered economy and strengthen domestic energy security. The company is targeting:
Crude oil production: 2 million barrels per day (bpd) by 2027, 3 million bpd by 2030.
Natural gas production: 10 billion cubic feet per day (bcf/d) by 2027, 12 bcf/d by 2030.
The company is also reviewing technical and commercial viability of refineries and pursuing a $60 billion investment pipeline to expand oil and gas output.
Operational Efficiency and Cost Discipline NNPC reported a 15–20% reduction in overall costs in 2024, focusing on essential expenditures and eliminating non-critical spending. Pipeline performance reached near 100%, boosting confidence in midstream operations.
Downstream and Refinery Plans The company is actively seeking partnerships with private entities to restart and optimize refineries through commercial arrangements, where private partners provide technical capacity while NNPC complements operations. A clearer timeline for refinery operations is expected by mid-2026.
Sustainability and Energy Transition NNPC’s Chairman, Ahmadu Kida, emphasized the company’s commitment to addressing climate change and reducing emissions while leveraging oil and gas resources to finance growth, diversify energy mix, and invest in cleaner technologies.
Going Concern Status Independent auditors, including PwC, SIAO, and Muhtari Dangana & Co., confirmed that NNPC’s financial statements were prepared under the going concern principle, with no significant events after the reporting date that could impact the company’s continuity.
NNPC’s leadership reiterated its commitment to positioning Nigeria as a regional gas hub and ensuring sustainable growth across the energy value chain.
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