NNPC Limited Posts Record $30bn Profit in 2024, Unveils $60bn Investment Plan to Boost African Energy Security
The Nigerian National Petroleum Company (NNPC) Limited, Africa’s largest national oil company by production volume, has announced an unprecedented full-year 2024 profit after tax of ₦5.4 trillion (approximately $30 billion at current exchange rates), marking a 64% increase from the previous year.
The state-owned energy giant generated total revenue of ₦45.1 trillion in 2024, reflecting an 88% year-on-year surge driven by higher global energy prices, improved operational efficiency, and increased upstream output following the implementation of the Petroleum Industry Act (PIA).
Key financial highlights for 2024:
– Revenue: ₦45.1 trillion (+88% y/y)
– Profit After Tax: ₦5.4 trillion (+64% y/y)
– Earnings Per Share: ₦27.07 (+64% y/y)
During its inaugural post-PIA earnings call with analysts, NNPC Limited also presented an ambitious 2030 strategic roadmap that extends far beyond Nigeria’s borders, with significant implications for energy supply and regional integration across West and Central Africa.
The company aims to:
– Raise crude oil production to 2 million barrels per day by 2027 and 3 million bpd by 2030
– Expand natural gas output to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030
– Complete critical cross-border and domestic gas infrastructure, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, the expanded Escravos-Lagos Pipeline System, and the OB3 pipeline
– Mobilise $60 billion in new investments across the entire energy value chain by 2030, with a growing focus on gas-to-power projects and renewable integration
These initiatives are expected to substantially increase gas supply availability to power plants and industries in Nigeria and neighbouring countries, supporting the West African Power Pool and broader continental efforts to address chronic electricity shortages.
Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, described the results as evidence of successful commercial transformation and a springboard for continental impact.
“We are building a globally competitive African energy champion that will deliver reliable, cleaner energy to millions across the continent while generating sustainable returns,” Ojulari stated. “Our gas infrastructure investments and production growth targets are designed not only for Nigeria but to strengthen energy security and economic integration throughout West Africa and beyond.”
Since transitioning into a fully commercial entity under the 2021 Petroleum Industry Act, NNPC Limited has emerged as a pivotal player in Africa’s energy landscape, operating assets and joint ventures that account for the majority of Nigeria’s roughly 1.6 million bpd of current oil production and growing gas volumes that feed both domestic and regional markets.
Analysts note that the company’s strengthened balance sheet and aggressive investment pipeline position it to play a leading role in Africa’s dual challenge of expanding energy access while advancing the continent’s just energy transition objectives through 2030 and beyond.
