NNPC Records N5.4 Trillion Profit — CEO Ojulari Attributes Growth to Foreign Exchange Gains

The Nigerian National Petroleum Company Limited (NNPC) has announced a profit after tax of N5.4 trillion for the 2024 financial year, marking a 63.6% increase from N3.3 trillion recorded in 2023.

The company’s revenue also surged to N45.07 trillion from N23.9 trillion the previous year, while profit before tax grew from N5.98 trillion in 2023 to N9.55 trillion in 2024. NNPC declared a dividend of N4.3 trillion, equivalent to N27.07 per share.

Speaking in Abuja, NNPC Group CEO Engr. Bayo Ojulari attributed the growth primarily to foreign exchange gains and highlighted that the results reflect the company’s ongoing transformation and commitment to delivering value to Nigerians in line with President Bola Tinubu’s mandate.

Ojulari outlined key strategic priorities for the company, including:

• Increasing crude oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030.
• Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030.
• Completing major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines.
• Mobilising $60 billion in investments across upstream, midstream, and downstream sectors by 2030.

On the future of NNPC’s refineries, Ojulari said the company is reviewing partnership options with private entities to complement technical capacity and resources, with a final decision expected by mid-2026.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” he said. “We aim to position NNPC as a globally competitive energy company capable of delivering sustainable returns while powering Nigeria and Africa’s future.”

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