The Nigerian National Petroleum Company Limited (NNPCL) has posted a profit after tax of N5.4 trillion for the 2024 financial year, marking a 63.6% increase from N3.3 trillion recorded in 2023.

The company’s revenue also rose sharply to N45.07 trillion from N23.9 trillion the previous year, while profit before tax jumped to N9.55 trillion from N5.98 trillion in 2023.

NNPC also declared a dividend of N4.3 trillion, equivalent to N27.07 per share.

Speaking on the company’s performance in Abuja, NNPC Group Chief Executive, Engr. Bayo Ojulari, attributed the significant profit growth to changes in the foreign exchange rate. He said the results reflect the company’s ongoing transformation and the dedication of its workforce, providing a solid foundation for further growth aligned with President Bola Ahmed Tinubu’s economic mandate.

Ojulari highlighted NNPC’s strategic focus on expanding upstream operations, gas infrastructure, and clean energy, with key targets including:

• Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
• Raising natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030.
• Completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines to enhance domestic supply and regional integration.
• Mobilising $60 billion in investments across upstream, midstream, and downstream sectors by 2030.

On the company’s refineries, Ojulari said NNPC is exploring partnerships with private entities that operate existing refineries. “We aim to complement their technical capacity and resources while allowing them to lead operations. By mid-2026, we expect to make firm decisions on the future of the refineries,” he explained.