Abuja, Nov. 24, 2025 – The Nigerian National Petroleum Company Limited (NNPCL) recorded N5.4 trillion profit after tax during its 2024 financial year.
The company also recorded N45.1 trillion gross revenue during the period, a growth of 88% over the figure recorded in 2023.
Bayo Ojulari, its Group Chief Executive, announced this on Monday at a press briefing in Abuja.
He said the figures contrasted sharply against the figures recorded in 2023 financial year.
Ojulari said the improvements were due to cost-optimisation measures, improved production volumes and favourable market conditions across the company’s upstream, midstream and downstream segments.
“This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms and our unwavering commitment to cost discipline. Financially, we have never been stronger or better positioned for tomorrow.”
Ojulari also said the results reflected the discipline, progress and dedication of the NNPC teams nationwide.
He promised to sustain the growth and advance Nigeria’s energy transition through strategic focus on boosting oil and gas production and mobilising major investments across the value chain.
Ojulari said there were plans to boost crude oil output to two million barrels per day by 2027 and three million barrels per day by 2030.
He also said the NNPCL was planning to expand natural gas production to 10 billion standard cubic feet per day in 2027 and 12 billion scf/d in 2030, and complete key infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline, the Escravos–Lagos Pipeline System, and the Obiafu–Obrikom–Oben pipeline.
Oiulari said the company was already seeking $60 billion in investments across the upstream, midstream, and downstream segments by the end of the decade.
He said was also accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade.
