Full Breakdown
NNPC Limited Reports ?5.4 Trillion Profit and Unveils $60 Billion Investment Roadmap
11/25/2025, 1:18:31 PM
Financial Performance Overview
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a Profit After Tax (PAT) of ?5.4 trillion for the financial year ending 2024, alongside total revenue of ?45.1 trillion. This marks an 88 percent increase in revenue and a 64 percent rise in PAT compared to the previous year, reflecting significant operational improvements and cost discipline. Bashir Bayo Ojulari, the Group Chief Executive Officer, attributed this performance to the company's ongoing transformation and the dedication of its workforce.
Strategic Growth Plan Through 2030
Building on its strong financial results, NNPC Ltd has unveiled a comprehensive roadmap aimed at sustaining growth and enhancing energy security through 2030. Key targets include increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, as well as ramping up natural gas output to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030. The company plans to mobilize $60 billion in investments across the upstream, midstream, and downstream sectors to support these objectives. Critical infrastructure projects, such as the Ajaokuta–Kaduna–Kano (AKK) Pipeline, Escravos–Lagos Pipeline System (ELPS), and Obiafu–Obrikom–Oben (OB3) Gas Pipeline, are also part of this strategic initiative.
Commitment to Transparency and Accountability
During a media engagement following the Annual General Meeting, Ojulari emphasized NNPC Ltd's commitment to transparency and accountability. He stated that the company is evolving into a commercially focused entity that values performance-driven communication. Ojulari encouraged journalists to actively engage with the company, underscoring the importance of public scrutiny in shaping perceptions of NNPC Ltd's transformation.
Criticism & Opposition
Despite the positive financial outlook, some analysts have raised concerns regarding the feasibility of NNPC Ltd's ambitious production targets and the execution of its extensive investment plans. Critics argue that previous targets have not always been met and caution that external factors, such as global oil prices and regulatory challenges, could impact the company's ability to achieve its goals.
Verbatim Quotes
- “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” — Bashir Bayo Ojulari, Group Chief Executive Officer
- “Our transformation is anchored on transparency, innovation, and disciplined growth,” — Bashir Bayo Ojulari, Group Chief Executive Officer
- “I encourage you to ask questions openly and scrutinise our decisions. We value your pivotal role in shaping public perception and we respect the responsibility you bear,” — Bashir Bayo Ojulari, Group Chief Executive Officer
Conclusion
NNPC Ltd's robust financial performance and strategic roadmap signal a significant shift in Nigeria's energy sector. The company's focus on transparency and operational efficiency, coupled with ambitious production targets and substantial investment plans, positions it as a key player in the region's energy landscape. However, the successful realization of these goals will depend on effective execution and the ability to navigate potential challenges in the evolving market.
