The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a profit of N216 billion for the 2024 financial year, achieved on a turnover of N4.26 trillion. The performance reflects the company’s strengthened financial and operational efficiency under the leadership of its Chief Executive Officer (GCEO), Bashir Bayo Ojulari.
The announcement marks another milestone in the company’s ongoing transformation into a fully commercial and profit-oriented entity, following its incorporation under the Petroleum Industry Act (PIA) of 2021. The profit demonstrates the success of reforms aimed at improving transparency, reducing operational costs, and boosting productivity across the oil and gas value chain.
According to a statement issued by NNPC Ltd, the company achieved this feat through improved crude oil production, increased refining activities, expansion in gas operations, and stronger export performance. It attributed the growth to enhanced governance practices, cost-cutting measures, and better collaboration between its upstream, midstream, and downstream subsidiaries.
Speaking on the development, the GCEO, Bashir Bayo Ojulari, described the performance as a reflection of the company’s renewed focus on operational excellence, accountability, and innovation. He noted that the N216 billion profit was achieved despite global oil market uncertainties, exchange rate fluctuations, and domestic production challenges.
“Our financial results reaffirm the strength and resilience of NNPC Ltd as a fully commercial entity. We remain committed to ensuring value creation for the Nigerian people, who are the ultimate shareholders of this company,” Ojulari stated.
He explained that NNPC Ltd’s improved financial standing was driven by a deliberate strategy of investment optimisation, diversification, and strong risk management practices. “We are focusing on efficiency across all business segments, and we will continue to reinvest in projects that guarantee energy security, boost national revenue, and contribute to sustainable growth,” he added.
Industry analysts have hailed the company’s financial performance as an indication that the ongoing restructuring is yielding tangible results. Energy economist, Dr. Kola Adeyemi, said the result showed a new phase of stability and transparency within the company. “Under the leadership of Bashir Ojulari, NNPC Ltd appears to be consolidating the gains of previous reforms and moving towards becoming a globally competitive national oil company,” he said.
Adeyemi noted that the firm’s ability to post consistent profits over recent years was a sign that its commercialisation framework was working effectively. He, however, cautioned that sustaining this growth would require continued discipline in expenditure, a clear investment strategy, and strong oversight of subsidiaries.
The 2024 profit report also revealed that the company’s upstream operations contributed the largest share of revenue, driven by higher production volumes and efficiency improvements in joint ventures. Similarly, the downstream segment recorded strong results from product sales and the ongoing expansion of the company’s retail network.
NNPC Ltd has also made significant progress in its gas business, with ongoing investments in domestic gas infrastructure and export-oriented projects. Ojulari reaffirmed that the company’s long-term strategy aligns with the Federal Government’s “Decade of Gas” initiative, aimed at positioning Nigeria as a major global player in natural gas production and supply.
He noted that the company’s focus on gas development was not only a business priority but also an environmental responsibility. “We are fully committed to supporting Nigeria’s energy transition goals by investing in cleaner fuels and sustainable energy solutions. Gas remains central to that journey,” he said.
In addition to its operational successes, NNPC Ltd has continued to prioritise security in the oil-producing regions. Through improved collaboration with security agencies and community stakeholders, the company has reduced pipeline vandalism and crude theft incidents, which have long undermined production and revenues.
The GCEO stated that the company will sustain its efforts to protect national energy assets, expand production capacity, and promote transparency in crude trading. He emphasised that every measure taken is part of the broader vision to make NNPC Ltd a world-class, performance-driven organisation.
Ojulari also highlighted the company’s commitment to refining development and value addition. With ongoing rehabilitation works at the Port Harcourt and Warri refineries, as well as the planned completion of the Kaduna facility, the company aims to reduce Nigeria’s dependence on imported petroleum products and achieve self-sufficiency in refining.
Stakeholders have described Ojulari’s appointment as timely, given his extensive experience in Nigeria’s energy sector and his reputation for driving innovation and operational reform. Under his leadership, NNPC Ltd has pledged to enhance corporate governance, increase profitability, and deepen stakeholder engagement.
Economic commentator, Mrs. Ifeoma Oke, said the new leadership was ushering in a more transparent and competitive era for Nigeria’s oil industry. “Ojulari’s approach is performance-focused and data-driven. If sustained, it could make NNPC Ltd one of the most efficient state-owned enterprises in Africa,” she said.
Looking ahead, the GCEO disclosed that part of the company’s strategic objective is to prepare for a future public listing, allowing Nigerians and institutional investors to acquire shares in NNPC Ltd. He explained that such a move would further enhance accountability, improve access to capital, and deepen market confidence in the company’s operations.
He reaffirmed NNPC Ltd’s commitment to contributing meaningfully to Nigeria’s economic stability through increased domestic refining, efficient product distribution, and robust energy infrastructure. “We are not only focused on profit but also on ensuring that our operations contribute to national development,” he said.
With the company’s growing profitability, stronger governance structure, and renewed operational drive, industry watchers believe NNPC Ltd is on course to become one of Africa’s most efficient and profitable energy corporations. The N216 billion profit underscores a promising trajectory for the company as it continues its transformation journey under the visionary leadership of Bashir Bayo Ojulari.
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