Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a net profit of ₦5.4 trillion for the 2024 financial year.
The state-owned energy firm attributed the profit growth to stronger operational efficiency, ongoing restructuring efforts, and a clearer commercial focus under the Petroleum Industry Act (PIA).
The company’s management said the latest results demonstrate its progress toward building a globally competitive national energy company.
Group Chief Executive Bashir Bayo Ojulari said the performance reinforces confidence in NNPC’s long-term strategy and the reforms undertaken across its upstream, midstream, and downstream businesses.
He added that the organisation intends to accelerate investment in Nigeria’s oil and gas sector over the coming years.
As part of its forward strategy, NNPC is targeting $60 billion in energy investments by 2030, covering crude production, gas development, infrastructure expansion, and asset modernisation.
The company is also pursuing ambitious production targets, including raising daily crude output to 2 million barrels per day (bpd) by 2027 and 3 million bpd by the end of the decade.
NNPC further aims to expand gas supply to 12 billion cubic feet per day (bcf/d) by 2030 in line with national energy transition priorities.
Despite the positive earnings, analysts note that meeting the company’s medium- to long-term goals will require addressing persistent challenges such as crude theft, pipeline sabotage, and limited foreign investment flows. These issues have constrained Nigeria’s production capacity in recent years, keeping output below the country’s OPEC+ quota and undermining revenue potential.
Nigeria’s average crude output in 2024 was approximately 1.5 million bpd, falling short of its 1.8 million bpd target due to operational disruptions and security concerns across key producing corridors.
Industry experts believe sustained reforms, stronger security interventions, and investor confidence will be critical to achieving the company’s expanded production outlook.
NNPC has reported consecutive profits since 2020, the year it posted its first positive earnings in its history.
Its transition into a commercial entity in 2022 under the PIA has created new expectations for transparency, profitability, and eventual public share offering.
However, the company continues to face scrutiny from lawmakers over expenditure patterns and governance practices.
The management said it remains focused on operational discipline, capital optimisation, and partnerships that can unlock new volumes and strengthen Nigeria’s position as Africa’s largest oil producer.
