NNPC Limited has reported a Profit After Tax of ₦5.4 trillion for the 2024 financial year, driven by strong operational performance and rising revenue.

The company posted ₦45.1 trillion in revenue, an 88 percent increase from the previous year, while profit grew 64 percent. Earnings Per Share rose to ₦27.07.

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Group Chief Executive Officer, Bashir Bayo Ojulari, said the results reflect the momentum of the company’s transformation since becoming a commercial entity under the Petroleum Industry Act.

He said the performance provides a solid base for expansion and aligns with President Bola Ahmed Tinubu’s directive to deliver greater value to Nigerians.

During the earnings call, NNPC Limited also announced a long-term strategy to accelerate growth and strengthen Nigeria’s energy security.

The company plans to raise crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. It aims to increase natural gas output to 10 bcf per day by 2027 and 12 bcf per day by 2030, supported by the completion of major pipeline projects including the AKK, ELPS, and OB3 corridors.

The company outlined a 60-billion-dollar investment pipeline across the upstream, midstream, and downstream sectors to meet these goals.

Ojulari said the strategy is guided by transparency, innovation, and disciplined growth, with the aim of positioning NNPC Limited as a competitive global energy company capable of delivering sustainable returns while supporting Nigeria’s development.

Established in 1977 and commercialized in 2022, NNPC Limited remains central to the country’s oil and gas industry, spanning exploration, production, refining, and distribution.