The Nigerian National Petroleum Company Limited has reported a profit after tax of N5.4 trillion for 2024, its highest earnings yet, marking a dramatic turnaround for the state-owned energy giant.
Key Highlights:
- NNPC’s profit surged from N3.3 trillion in 2023 to N5.4 trillion in 2024.
- Revenue climbed to N45.1 trillion, reflecting an 88 percent jump.
- Stronger foreign exchange stability and upstream investments drove the performance.
- The company credited the Petroleum Industry Act for enabling clearer governance and commercial operations.
Group Chief Executive Officer Bayo Ojulari announced the audited results in Abuja, calling them evidence of a stronger and more efficient national oil company. He attributed the gains to improved operational systems, expanding gas infrastructure, and a renewed push into clean energy.
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Industry analysts echoed that view, noting that the Central Bank’s currency reforms helped NNPC avoid the heavy exchange losses seen in previous years. Experts said the earnings reinforce NNPC’s position as a central player in funding national development and stabilizing the energy sector.
The company’s profit record follows years of restructuring after becoming a commercial entity in 2022. Its earlier milestone was the N3.3 trillion profit posted in 2023, which allowed a historic dividend payout to the federal government.
Despite the strong results, NNPC still faces hurdles, including global oil market instability and Nigeria’s shift toward energy transition. Monthly profit figures earlier in 2025 showed some volatility, but the company insists its long-term fundamentals remain solid.
Ojulari said NNPC is prepared to channel new investment and maintain the momentum. He added that President Bola Tinubu’s call to attract up to $30 billion in new energy investments aligns with the company’s plans.
The record profit is expected to boost government revenue and support national infrastructure projects as Nigeria navigates economic pressures.
