NNPC reports N5.4tn Profit, 88% Revenue Surge in 2024 as Cost Cuts, Market Reforms Pay Off

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has posted its strongest financial performance yet, announcing a Profit After Tax (PAT) of N5.4 trillion and revenue of N45.1 trillion for the 2024 financial year.

The audited results, released on Monday, show a dramatic 88% jump in revenue and a 64% rise in profit compared to 2023. Earnings per share also climbed by 64% to N27.07.

NNPC said the performance was underpinned by tighter cost controls, efficiency gains across its operations, and the impact of downstream reforms implemented during the year.

Operational reforms, gas projects drive gains

The company highlighted major progress on its flagship gas infrastructure projects -including the Ajaokuta-Kaduna-Kano (AKK) pipeline and the Obiafu–Obrikom–Oben (OB3) line, which it described as central to building a “gas-powered economy.”

It added that a strategic review of Nigeria’s refineries is ongoing, with plans to secure new investment partnerships under a $60 billion expansion programme aimed at raising crude output and boosting gas production.

The long-term target, according to NNPC, is to scale crude oil production to 3 million barrels per day by 2030 and grow natural gas output to 12 billion cubic feet per day within the same timeframe.

Ojulari: Naira float boosted earnings

Group Chief Executive Officer Bayo Ojulari, who briefed journalists in Abuja, said NNPC’s transformation strategy is now yielding measurable results.

He noted that the Central Bank of Nigeria’s decision to float the naira in 2024 contributed significantly to the company’s profit, while broader cost-cutting efforts delivered additional savings.

“We achieved between 15 and 20 percent reduction in overall costs,” he said. “This meant cutting out non-essential spending, embracing operational discipline, and optimising our processes. We cannot rely on production increases alone.”

He also reaffirmed NNPC’s production outlook of 2 million barrels per day by 2027, rising to 3 million bpd by 2030, and gas production targets of up to 12 bcf/d by the end of the decade.

Refinery revival to be private-sector led

Ojulari disclosed that the company is now in talks with private refinery operators to restart domestic refining capacity. Such partnerships, he stressed, will be commercial—not governmental—as NNPC now operates as a CAMA-registered limited liability company.

A clearer timeline for refinery rehabilitation, he said, may emerge by mid-2026.

Chairman: Energy transition an opportunity

In a separate message, NNPC Chairman Ahmadu Kida said Nigeria remains well positioned to meet rising global energy demand while gradually transitioning to cleaner energy.

He said the company will continue to expand gas infrastructure, strengthen security along pipelines, and consolidate gains recorded in 2024.

“We are seizing the opportunity to build a more resilient, more competitive, and more sustainable national energy company,” he said.

Auditors validate NNPC’s financial health

Independent auditors, including PwC, SIAO and Muhtari Dangana & Co., affirmed that NNPC’s financial statements were prepared on a going-concern basis and that no post-reporting events threaten its operational continuity.

They certified that nothing has come to their attention to suggest that the national oil firm will not remain financially stable for at least the next 12 months.