Nigeria’s state‑owned oil company, NNPC Limited, has reported record profits of ₦5.4tn for the 2024 financial year, underscoring what it described as its strongest operational performance since becoming a commercial entity.
The company said revenue rose to ₦45.1tn, an 88% increase on the previous year, while profit after tax climbed 64%. Earnings per share also grew by the same margin to ₦27.07.
This was disclosed in a press statement issued by the company on Monday, 24 November 2025 and reviewed by Bavijas.
Group chief executive Bashir Ojulari told analysts during an earnings call that the results reflected “the positive momentum of our ongoing transformation and the unwavering commitment of our workforce.”
Over the last three years, NNPC has reported steadily rising profits:
- ₦2.55tn in 2022
- ₦3.3tn in 2023
- ₦5.4tn in 2024
The 2022 profit was a landmark achievement for the state-owned energy company after decades of losses, reflecting the impact of reforms under the PIA and its transition into a fully commercial entity.
Profits rose to ₦3.3tn in 2023, supported by higher revenues and operational efficiency.
This was hailed as the highest in NNPC’s history at the time, which has now been surpassed by last year’s record ₦5.4tn profit.
NNPC’s growth plan
Building on the record profits, NNPC unveiled a new investment plan aimed at sustaining growth and supporting Nigeria’s energy transition through 2030.
The roadmap includes:
- Raising crude oil production to 2m b/d by 2027 and 3m b/d by 2030.
- Expanding natural gas output to 10bcf/d by 2027 and 12bcf/d by 2030.
- Completing major gas infrastructure projects, including the Ajaokuta‑Kaduna‑Kano (AKK) pipeline, the Escravos‑Lagos Pipeline System (ELPS) and the Obiafu‑Obrikom‑Oben (OB3) pipeline.
- Mobilising $60bn in investments across upstream, midstream and downstream operations.
“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari said.
“We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”
NNPC and what this means
NNPC Limited was established in 1977 but underwent a major restructuring in 2022 under the Petroleum Industry Act to become a fully commercial, profit‑driven company.
Nigeria, Africa’s largest oil producer, has long struggled with declining output, pipeline vandalism and underinvestment in infrastructure.
The government hopes NNPC’s new commercial model and investment drive will help stabilise production and strengthen energy security.
The company’s performance comes as Nigeria seeks to diversify its energy mix, with growing emphasis on gas and clean energy projects.
Analysts say the ambitious targets will require significant financing and improvements in security across oil‑producing regions.
The ₦5.4tn profit marks a milestone for Nigeria’s oil industry, which has faced years of volatility.
NNPC has transformed from a loss-making corporation into one of Africa’s most profitable energy companies.
Moreso, its profits have more than doubled in three years, from ₦2.55tn in 2022 to ₦5.4tn in 2024. This trajectory underscores the company’s commercial viability and highlights its central role in Nigeria’s economic future.
Recall, the company announced its biggest monthly profit after tax of N748bn (~$623.3m) and an equally robust revenue of N5.89 trn (~$4.91bn) in April this year, injecting fresh optimism as the new leadership takes over from Mele Kyari.
The development marks one of NNPC’s most significant financial disclosures since Bayo Ojulari resumed the role of chief executive at the state-owned energy company.
Rising profits provide resources for investment in oil production, gas infrastructure and renewables, as well as directly affects government revenues, foreign exchange earnings, and the broader economy.