NNPCL Targets 3m Barrels Per Day by 2030 as Profit Soars to ₦5.4trn

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a Profit After Tax of ₦5.4 trillion for 2024, on revenue of ₦45.1 trillion, representing a 64% increase from 2023.

Group Chief Executive Officer Bayo Ojulari announced the result at a media briefing in Abuja, attributing the strong performance to enhanced operational efficiency, downstream market reforms and strict cost discipline.

Ojulari said the company is advancing major gas infrastructure projects including the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) pipelines and reviewing the technical and commercial viability of refineries to strengthen domestic energy security.

He added that NNPC Ltd. is pursuing a $60 billion investment pipeline to expand oil and gas output, with targets to raise crude production to 3 million barrels per day by 2030 and gas production to 12 billion cubic feet per day.

Ojulari emphasised that the company is evolving into a commercially focused, transparent and accountable entity, and invited sustained media and public scrutiny of its decisions and performance.

“This outcome was propelled by several critical drivers: enhanced operational efficiency across our assets, the positive impact of downstream market reforms, and our unwavering commitment to cost discipline. Financially, we have never been stronger or better positioned for tomorrow,” he said.

“Now, we gather with you, Nigeria’s foremost print, broadcast, and business journalists, for an open and candid exchange. These engagements reflect who we are evolving into a commercially focused company anchored on transparency, accountability, and performance-driven communication,” he added.

The GCEO described the briefing as the first in a more relaxed format with his leadership team, saying the results reflect discipline and progress and reaffirming NNPC Ltd.’s commitment to driving investor confidence, improving operational outcomes and delivering long-term value to Nigerians.