NNPC Records ₦5.4T Profit - Now Nigeria State Oil Corp Targets 3M BPD Output

The Nigerian National Petroleum Company Limited (NNPC Ltd) has delivered a performance statement of unprecedented financial strength, reporting a massive ₦5.4 trillion Profit After Tax (PAT) for the full year ended 2024. This record-breaking figure, a 64% year-on-year growth, was underpinned by a staggering ₦45.1 trillion in revenue, marking an 88% jump from the previous year.

The results, announced during the company's earnings call, validate the aggressive commercialisation mandate set by the Petroleum Industry Act (PIA) of 2021.

GCEO Bashir Bayo Ojulari: “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce... We have never been financially stronger or better positioned for tomorrow.”

The $60 Billion Strategic Gamble: Production Targets

Leveraging this financial firepower, NNPC Ltd immediately unveiled a long-term strategic roadmap through 2030 designed to secure Nigeria’s energy future and position the company as a global giant. The plan centers on ramping up production and infrastructure, demanding a colossal $60 billion investment pipeline across the energy value chain.

The key targets are brutally ambitious:

• Crude Oil: Increase production to 2 million barrels per day (bpd) by 2027 and a maximum target of 3 million bpd by 2030.

• Natural Gas: Grow output to 10 billion standard cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030.

This production drive is tied directly to the completion of critical, long-delayed gas infrastructure, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) pipelines.

NNPC's New Commercial Mandate

Ojulari attributed the massive profit surge to enhanced operational efficiency, the positive impact of downstream market reforms (a reference to the removal of fuel subsidies), and unwavering commitment to cost discipline.

By securing its position as a commercially-focused entity, NNPC Ltd is aiming to deliver sustainable returns and, critically, meet President Tinubu’s mandate of strengthening national energy security. The financial performance is a sharp statement of intent: the former state-owned enterprise is now operating as a ruthless, profit-driven player in the global energy arena.

The question now shifts from can NNPC make money to can they deliver on the $60 billion investment and the 3 million bpd production target, which hinges heavily on security and regulatory stability.