NNPC Profit Surge pushes 2024 profit to N5.4tn, driven by higher output, cost cuts and stronger operations.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, announced in Abuja on Monday that the state-owned firm achieved a record N5.4 trillion profit after tax for 2024, marking a significant NNPC Profit Surge and strengthening its performance trajectory since its transition into a limited liability company.

Also read: NNPC Ltd April profit report shows N748 billion PAT, major project gains

Ojulari said the 64 per cent year-on-year rise in profit reflected higher production volumes, aggressive cost-optimisation measures and stronger operational efficiency across the company’s upstream, midstream and downstream assets.

He added that NNPC Limited generated N45.1 trillion in revenue, representing 88 per cent growth compared with the previous year, supported partly by greater market stability following the Central Bank of Nigeria’s decision to float the naira.

However, the financial statement showed that foreign exchange earnings nearly halved, falling to N8.365 billion from N15.95 billion in 2023.

Despite this decline, Ojulari said the overall results demonstrated the positive momentum of the organisation’s transformation drive, powered by tighter discipline and market reforms.

The company’s profitability streak began in 2020, when it posted its first-ever profit of N287 billion.

The figure rose to N674 billion in 2021 and N2.5 trillion in 2022, widening its reputation as a newly restructured national energy firm striving for commercial viability.

Ojulari described the 2024 outcome as evidence of progress, the dedication of teams nationwide and the company’s growing resilience.

Speaking on long-term plans, Ojulari unveiled a strategic roadmap to 2030 focused on increasing crude oil output, expanding natural gas production and attracting major investments.

He set targets of two million barrels of crude per day by 2027 and three million barrels per day by 2030.

He said natural gas volumes are expected to reach 10 billion standard cubic feet per day by 2027 and 12 billion scf/d by 2030.

He emphasised ongoing work on critical infrastructure, including the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System and the Obiafu–Obrikom–Oben corridor.

He said the company aims to mobilise 60 billion dollars across the oil and gas value chain before the decade ends.

Ojulari stressed that transparency, innovation and disciplined growth remain central to NNPC Limited’s transformation.

Also read: UCL Drama as Chelsea Face Barca and Man City Host Leverkusen

He said the organisation is positioning itself as a competitive global energy company capable of delivering sustainable returns while supporting Nigeria’s broader development agenda.