NNPC posts N5.4trn 2024 profit, reveals $60bn energy investment plan

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a Profit After Tax (PAT) of N5.4 trillion from total revenue of N45.1 trillion for the full year ended 2024, marking a significant year-on-year growth in both revenue and profitability.

The announcement was made on Monday in a statement signed by the company’s Chief Corporate Communications Officer, Andy Odeh.

According to Odeh, the results were shared during a recent earnings call with analysts and underscore a year of strong operational performance and financial discipline.

“The results highlight a surge in revenues and profits, signalling improved cost management, enhanced asset performance, and growing operational stability,” the statement read.

Speaking on the results, Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, said: “The earnings reflect the positive momentum of our ongoing transformation and the unwavering commitment of our workforce. They offer a solid foundation for ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”

NNPC Ltd also unveiled a strategic roadmap aimed at driving sustained growth and supporting Nigeria’s energy transition through 2030. The plan prioritizes increased oil and gas production and outlines a $60 billion investment pipeline across upstream, midstream, and downstream operations.

Pipeline infrastructure projects: Complete major projects including Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) to strengthen domestic supply and regional integration.

“Our transformation is anchored on transparency, innovation, and disciplined growth. We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa,” Ojulari added.

Industry analysts welcomed the strong results but highlighted the importance of operational execution to achieve long-term goals.

Dr. Funke Akinola, energy economist, commented: “NNPC’s 2024 results are impressive, reflecting higher crude prices, improved production, and better fiscal management. However, sustaining this growth will require continued investment in infrastructure, effective governance, and a robust approach to the energy transition.”

Tunde Balogun, senior analyst at Lagos Energy Forum, added: “The $60 billion investment plan is ambitious and necessary for Nigeria to meet its energy transition targets. The completion of key gas and pipeline projects will be critical for domestic supply and regional energy integration.”

Chinedu Obi, petroleum sector consultant, said: “NNPC’s performance signals that Nigeria can leverage its oil and gas sector as a catalyst for economic growth. But the company must ensure transparency in capital allocation and maintain disciplined operational oversight to deliver on these projections.”

The results follow a report from October 2025, when NNPC Ltd posted a revenue of N4.27 trillion and a profit after tax of N216 billion for September 2025 alone, reflecting a consistent financial performance across operations.

With strategic plans to expand upstream production, enhance gas infrastructure, and mobilise $60 billion in investments, NNPC Ltd is positioning itself as a leading driver of Nigeria’s energy future, balancing profitability with a commitment to the country’s long-term energy transition goals.