By Joyce Eyaba, JKNewsMedia Reporter
STRONG FINANCIAL financial performance marked the Nigeria National Petroleum Corporation (NNPC) Limited’s latest full-year results, with the company reporting a Profit After Tax of N5.4 trillion on revenue of N45.1 trillion for 2024.
The figures, presented during an earnings call with analysts, were described by the Company as evidence of strengthened operations and rising efficiency across its assets.
The results also formed the basis for a broader conversation with journalists during a media engagement held after the Company’s Annual General Meeting.
Confidence around the financial outcome shaped the tone of the day’s two sessions, as senior executives explained the extent of the progress recorded and the significance of the fiscal returns.
The Company said the performance offered a solid foundation for the next phase of its long-term plan, stressing readiness to sustain growth while powering Nigeria’s transition within the global energy landscape.
According to the Group Chief Executive Officer, Bashir Bayo Ojulari, the results reflect positive momentum and the commitment of the Company’s workforce, aligning with the strategic direction set by President Bola Ahmed Tinubu.
Revenue for the year stood at N45.1 trillion, representing 88 percent year-on-year growth. Profit After Tax rose by 64 percent to N5.4 trillion, while Earnings Per Share increased by 64 percent to N27.07.
These metrics were presented as the clearest indication yet of the Company’s evolving commercial culture following the reforms brought by the Petroleum Industry Act.
NNPC also added that the figures provided the capacity required to sustain the large-scale projects designed to improve national energy security.
During the earnings call, the company set out a strategic roadmap for the decade ahead. It disclosed plans to increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
The roadmap also includes the expansion of natural gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.
Executives stated that work is ongoing on major infrastructure, listing the Ajaokuta–Kaduna–Kano pipeline, the Escravos–Lagos Pipeline System and the Obiafu–Obrikom–Oben pipeline as key components for strengthening domestic supply and supporting regional integration.
The company adds that the goal is to mobilise $60 billion in investments across the upstream, midstream and downstream sectors by 2030.
Ojulari also explained that the transformation under way is anchored on transparency, innovation and disciplined growth, with the intention of positioning NNPC Limited as a globally competitive energy company that delivers sustainable returns.
He added that the Company remains focused on supporting Nigeria and Africa’s future energy needs.
Further clarity on the financial statements was provided by NNPC Limited’s Chief Corporate Communications Officer, Andy Odeh, who confirmed that the 2024 Audited Financial Statement would be available on the Company’s website.
The comment formed part of the Company’s official update issued on 24 November 2025.
The communication reaffirmed NNPC Limited’s origins in 1977 and its transition into a fully commercial, profit-driven entity in 2022 under the framework of the Petroleum Industry Act of 2021.
Engagements with journalists continued later at the November 24 Media Parlay, where Ojulari addressed members of the print, broadcast and business press.
He informed the gathering that the day had already included the Annual General Meeting and the analysts’ call assessing the Company’s performance.
The meeting with journalists, he said, formed the final segment of a deliberate effort to explain the results in a clear and open setting.
He emphasised that NNPC Limited is evolving into a commercially focused organisation rooted in transparency, accountability and performance-driven communication.
According to him, the 2024 financial results represent more than figures on a balance sheet, describing them as the product of discipline, progress and the work undertaken by teams nationwide.
He noted that the media engagement was designed to provide context to the financial disclosures and ensure that Nigerians receive an accessible interpretation of the outcomes.
In his remarks, Ojulari highlighted the specific drivers behind the Company’s financial upturn. He cited enhanced operational efficiency across assets, the impact of downstream market reforms and a sustained commitment to cost discipline.
He stated that the company’s financial position has never been stronger, pointing to the performance as a basis for upcoming national initiatives being championed by NNPC Limited.
The GCEO explained that strategic capacity is now being channelled into several priority projects. He listed ongoing work on the AKK and OB3 pipelines aimed at unlocking opportunities within a gas-powered economy.
He also referenced the ongoing review of the technical and commercial viability of NNPC Limited’s refineries as part of wider measures to reinforce domestic energy security.
The company’s investment pipeline, he said, remains geared toward boosting oil and gas output as part of Nigeria’s national objectives.
NNPC Limited restated its goal to reach 3 million barrels of crude oil per day by 2030 and raise natural gas production to 12 billion cubic feet daily within the same period.
He described these targets as central to its role in strengthening national capacity and supporting long-term stability in the energy sector.
Ojulari closed the media interaction on a note of openness, encouraging journalists to ask questions freely and to examine the company’s decisions with the scrutiny expected of the press.
He said the session was the first time he was holding such an interactive meeting in a relaxed format alongside his leadership team, describing it as an opportunity for transparency and partnership.
He also acknowledged the media’s responsibility in shaping public understanding and stressed that NNPC Limited valued that role.
He then invited the journalists to keep the discussions forthright and constructive, expressing appreciation for their presence and signalling readiness for continued dialogue.
