The Nigerian National Petroleum Company (NNPC) Limited on Monday 24 November 2025 announced a landmark Profit After Tax (PAT) of ₦5.4 trillion for the financial year ended December 2024, marking the highest profit in the company’s history since its commercialisation in 2022.
The Group Chief Executive Officer, Mr. Bashir Bayo Ojulari, disclosed the audited results during a virtual earnings call with analysts and investors, describing the performance as evidence of the company’s successful transformation under the Petroleum Industry Act (PIA).
Revenue for the year soared by 88 per cent to ₦45.1 trillion, while Profit After Tax grew 64 per cent year-on-year. Earnings Per Share also rose 64 per cent to ₦27.07.
Speaking on the results, Ojulari said: “These earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce. They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
Riding on the strong financial position, NNPC Limited unveiled an aggressive strategic roadmap targeting sustained growth and energy security through 2030.
Key highlights of the plan include raising crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, Scaling natural gas production to 10 billion cubic feet per day by 2027, completing flagship gas infrastructure projects and mobilising $60 billion in investments across upstream, midstream, and downstream sectors by 2030.
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“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari stated. “We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
The NNPC boss emphasised that the new roadmap aligns with Nigeria’s energy transition goals and will strengthen domestic gas supply, boost power generation, and enhance the country’s role in regional and global energy markets.
Since its transition into a fully commercial entity under the PIA in July 2022, NNPC Limited has continued to record successive profits, a sharp departure from decades of operating losses when it functioned as a corporation.
