Nigerian National Petroleum Company Limited, NNPCL, has declared a profit after tax of N5.4 trillion for the 2024 financial year, a growth of 63.6 percent when compared to N3.3 trillion recorded in the previous year.
The company’s revenue also grew to N45.07 trillion from N23.9 trillion recorded in 2023. The NNPC financial statements released on Monday also showed that profit before tax went up to N9.55 trillion in the 2024 financial year from N5.98 trillion in 2023.
NNPC, is targeting mid 2026 for final decision on the position of its refineries.
Additionally, the company declared a dividend of N4.3 trillion at N27.07 per share.
Speaking in Abuja on the company’s performance, NNPC Group Chief Executive, Engr. Bayo Ojulari, said the significant rise in profit was due to changes in the foreign exchange rate.
“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Ojulari, adding, “They offer a solid foundation for the ambitious growth ahead in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
He noted that NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include: “Increasing crude oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030. Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030″.
On the refineries, he said the company was still reviewing the situation to ensure that the best decisions are made by the middle of next year on the future of the refineries.
“What we are looking at right now is some partnerships with private entities, private entities that have existing refineries that they are running. We want to partner with them as a business. We will not partner a government but as a CAMA entity where they bring in technical capacity and resources and we complement the capacity that we have and we co-operate the refineries. But they will lead the operation”.
“Giving a timeline now is a bit challenging to say, but I must tell you that sometimes about the middle of next year we will be in a better position to give a firmer timeline”, he explained.
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