NNPC Limited has announced a historic Profit After Tax (PAT) of ₦5.4 trillion for the 2024 financial year—the highest in its history—underscoring the sweeping turnaround engineered under the leadership of the Group Chief Executive Officer (GCEO), Bashir Bayo Ojulari.
The company reported total revenue of ₦45.1 trillion, a performance the GCEO described as “a defining milestone in the history of our new company” and a strong validation of the corporation’s current strategic direction.
“These results are more than numbers; they are a validation of our strategic direction and the dedication of every member of the NNPC team,” Ojulari said. “This performance strengthens our foundation to fuel Nigeria’s economic growth and energy security, and it reaffirms our commitment to delivering sustained value for all our stakeholders.”
The landmark profit comes as NNPC Limited rolls out an ambitious set of strategic objectives aimed at unlocking Nigeria’s vast energy potential and repositioning the company as a globally competitive national energy champion.
A key highlight of the company’s roadmap includes a massive boost in hydrocarbon output. NNPC Limited is targeting two million barrels of crude oil per day by 2027 and three million barrels per day by 2030, signaling renewed focus on stabilizing production, curbing losses, and attracting investment into upstream assets.
On the gas front, the company aims to increase natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030, cementing Nigeria’s position as a gas-powered economy in line with global energy transition trends.
Under Ojulari’s and the new board of the NNPC Limited’s stewardship, the oil company has prioritized completion of several nationally significant gas infrastructure projects. These include the Ajaokuta–Kaduna–Kano (AKK) pipeline, the Escravos–Lagos Pipeline System (ELPS), and the Obiafu–Obrikom–Oben (OB3) pipeline expansion, all central to boosting domestic gas supply and powering industries across the country.
Another major pillar of the company’s strategy is mobilizing $60 billion in new investments by 2030 across the entire oil and gas value chain. This approach places NNPC Limited at the center of Nigeria’s long-term energy transition while strengthening its commercial competitiveness.
NNPC Limited Board Members and Some Members of the Management Staff
The strategic vision also includes making NNPC Limited a “partner of choice,” enhancing operational excellence, improving corporate governance, and unleashing the full potential of its workforce.
Industry analysts note that the combination of record-breaking profitability and clear strategic direction marks a significant shift for NNPC Limited. Under Bayo Ojulari’s leadership, the company is increasingly seen as stable, commercially oriented, and poised for global relevance.
With its strongest financial performance to date and an ambitious roadmap for the next decade, NNPC Limited appears firmly on track to redefine its role in Nigeria’s economic future and consolidate its position as a modern, profitable, and forward-looking national energy company.
