NNPC Limited (NNPCL) reported a Profit After Tax (PAT) of N5.4 trillion for 2024, marking a 64% year-on-year increase from N3.3 trillion in 2023, fueled by N45.1 trillion in revenue an 88% jump thanks to Naira's floatation, operational efficiencies, downstream reforms, and 15-20% cost reductions.
Group CEO Bayo Ojulari attributed the gains to disciplined spending, stable currency post-CBN float, and optimized non-essential expenditures, positioning NNPCL for sustained growth amid refining viability reviews and gas projects like AKK and OB3 pipelines.
The company eyes 2 million barrels per day crude by 2027, 3 million by 2030, and 12 bcf/d gas, with a $60 billion investment pipeline to boost output and energy security while advancing low-carbon transitions.