THE Nigerian National Petroleum Company (NNPCL) has announced its financial performance for the full year ended 2024, reporting a profit after tax of ₦5.4 trillion on revenue of ₦45.1 trillion.
The Company’s Chief Corporate Communications Officer, Andy Odeh, on Monday, November 24, disclosed this during its earnings call with business analysts.
The national oil company also unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030.
The plan prioritises increased oil and gas production, while it also outlines a $60 billion investment pipeline across the energy value chain.
“We are also focused on mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030, “Odeh said.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Bayo Ojulari, Group Chief Executive Officer of thte NNPCL said in the statement.
“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,” he added.
The NNPC also disclosed it was accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade.
The national oil company said it was increasing crude oil production to two million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
Other plans include growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari said, stressing that, “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 ICIR reported that four years into the implementation of the Petroleum Industry Act (PIA), the NNPCL said it was planning to offer shares to people to buy on the Nigerian stock market.
Although the NNPCL is yet to embark on this, the move will allow people to invest in the national oil company and share in profit.
Selling shares could also mean the government gets more money from taxes, dividends (which are like little payouts to shareholders), and royalties. Plus, it means Nigerians will own a part of their national oil company.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.