…Economist Celestine Ukpong and Accountant Peter Adebayo call results “transformational” but urge disciplined execution
NNPC Limited has reported a landmark Profit After Tax (PAT) of ₦5.4 trillion for the 2024 financial year, marking its strongest performance since the company was commercialised under the Petroleum Industry Act (PIA). The earnings, presented during an investor and analyst call on Monday, signal what industry observers are calling the company’s “most defining moment” in its nearly five-decade history.
Alongside the announcement, NNPC Ltd unveiled a bold $60 billion Strategic Investment Roadmap stretching to 2030, targeting expansion across oil production, gas infrastructure, refining, petrochemicals and clean energy.
A Record Year That Reshapes the Narrative
Chief Corporate Communications Officer, Andy Odeh, said NNPC Ltd achieved significant year-on-year growth across all major financial indicators:
- Revenue: ₦45.1 trillion — up 88% YoY
- Profit After Tax: ₦5.4 trillion — up 64% YoY
- Earnings Per Share: ₦27.07 — up 64% YoY
Group Chief Executive Officer, Bashir Bayo Ojulari, described the performance as “the strongest testament yet” to the ongoing transformation under the PIA.
“These earnings highlight the positive momentum of our transformation and the unwavering commitment of our workforce,” Ojulari said.
“They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s economic mandate, and reaffirm our commitment to delivering value to Nigerians.”
Experts React: “A Structural Breakthrough — If Sustained”
The announcement drew swift reactions from financial and energy-sector experts who praised the achievement but also highlighted the need for consistency and transparent implementation.
Economist, Celestine Ukpong: “A turning point for confidence in Nigeria’s energy economy”
Energy economist Celestine Ukpong said the results are significant not only for NNPC Ltd but also for Nigeria’s macroeconomic stability.
“This is more than profit; it is a confidence signal,” Ukpong said.
“A strong NNPC Ltd improves fiscal stability, foreign investor perception, and the outlook for Nigeria’s balance of payments. But the challenge will be to sustain this performance amid global volatility and domestic operational constraints.”
Ukpong added that the $60bn investment roadmap, if executed with discipline, could restore lost capacity and put Nigeria back on the map as a reliable oil and gas supplier.
Chartered Accountant, Peter Adebayo: “Transparency and reinvestment will determine long-term success”
Chartered accountant and public finance analyst Peter Adebayo described the financial outcome as “impressive and encouraging,” noting that the figures show improved operational efficiency.
“The numbers reflect stronger governance and better cost control,” Adebayo said.
“But profit is one thing; reinvestment is another. NNPC must channel these gains into infrastructure, security, refinery rehabilitation and debt management. Transparency will be crucial.”
Adebayo urged the company to improve its audited disclosures and stakeholder reporting to match international energy majors.
Inside NNPC’s Bold 2030 Growth Agenda
NNPC Ltd’s new strategic roadmap outlines ambitious targets aimed at driving growth across the entire energy value chain.
1. Oil Production: Returning to Global Relevance
- 2 million barrels per day (bpd) by 2027
- 3 million bpd by 2030
NNPC says the increase will come through enhanced security in oil-producing zones, new upstream partnerships and accelerated development of dormant and marginal fields.
2. Gas Expansion: Placing Nigeria at the Center of Global Gas Supply
- 10 bcf/d by 2027
- 12 bcf/d by 2030
Key infrastructure being fast-tracked includes:
- Ajaokuta–Kaduna–Kaduna (AKK) Pipeline
- Escravos–Lagos Pipeline System (ELPS)
- OB3 Gas Pipeline
These projects aim to boost domestic power supply, cut industrial production costs, deepen LPG adoption and strengthen West Africa’s regional gas market.
3. Mobilising $60 Billion in Investments
The roadmap prioritises investment in:
- Upstream production expansion
- Gas processing and transmission
- Refining and petrochemicals
- Renewables and clean energy integration
Ojulari said the investment strategy is anchored on transparency, innovation and disciplined capital allocation.
A New Commercial NNPC Emerges
Since becoming a fully commercial entity in July 2022, NNPC Ltd has aggressively pursued profitability, efficiency and transparency. The 2024 numbers — now the company’s strongest yet — are seen as evidence that the PIA reforms are beginning to deliver tangible results.
NNPC Ltd confirmed that its 2024 Audited Financial Statement will be published on its website, www.nnpcgroup.com, for public access.
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NNPC Ltd posts a record ₦5.4 trillion profit for 2024 as experts Celestine Ukpong and Peter Adebayo hail the results and the company unveils its bold $60bn 2030 investment plan.
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