MON NOV 24 2025-theGBJournal| NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade, the leading oil and gas company in Nigeria said in its financial performance for the full year ended 2024 released today.
The company outlined its key strategic targets as:
-Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
-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.
-Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.
”Our transformation is anchored on transparency, innovation, and disciplined growth,” Group CEO, Bashir Bayo Ojulari said while commenting on the earnings performance.
”We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
These targets are built on the company’s FY 2024 earnings performance.
Meanwhile, NNPC Limited reported a Profit After Tax (PAT) of N5.4 trillion on revenue of N45.1 trillion.
Revenue came in at N45.1 trillion, 88% year-on-year growth while earnings per share settled 64% year-on-year higher at N27.07.
The company produced a total 1,045.6 billion s.c.f and 202.3 million of crude oil in the period. It grew its retail outlets nationwide to 1,096.
”The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Ojulari said.
”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.”
The results, shared during its earnings call with analysts, underscore a year of strong operational delivery.
NNPC Limited plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.
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