FOREX Gains Drive NNPC’s Profit After Tax Up 63.6% to N5.4 Trillion

The Nigerian National Petroleum Company Limited (NNPC) has announced a profit after tax of N5.4 trillion for the 2024 financial year — a 63.6% rise from the N3.3 trillion posted in 2023.

The company’s revenue climbed to N45.07 trillion, up from N23.9 trillion the previous year. Profit before tax also increased sharply, growing from N5.98 trillion in 2023 to N9.55 trillion in 2024. NNPC further declared a dividend of N4.3 trillion, translating to N27.07 per share.

Speaking in Abuja, NNPC Group CEO, Engr. Bayo Ojulari, credited much of the profit growth to foreign exchange gains. He said the results highlight the company’s ongoing transformation and its commitment to delivering value to Nigerians in line with President Bola Tinubu’s directives.

Ojulari listed the company’s main strategic goals, including:

• Raising crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
• Expanding natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030.
• Completing key gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline, the Escravos-Lagos Pipeline System (ELPS), and the Obiafu-Obrikom-Oben (OB3) pipeline.
• Securing $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.

On the future of NNPC’s refineries, Ojulari noted that the company is assessing partnership opportunities with private firms to strengthen technical capacity and financing. A final decision is expected by mid-2026.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” he said. “We aim to position NNPC as a globally competitive energy company capable of delivering sustainable returns while powering Nigeria and Africa’s future.”

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