Mr. Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has disclosed that the company achieved a profit after tax of ₦5.4 trillion with ₦45.1 trillion in revenue.
“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,” Ojulari said to the media in Abuja, after the NNPCL Annual General Meeting (AGM).
He stated that NNPCL, “financially, have never been stronger or better positioned for tomorrow.
“The 2024 financial results we unveiled today are more than balance sheets and performance indicators. They embody discipline, progress, and the dedication of our teams nationwide.
“Yet, we recognize that figures alone cannot speak. They require context, clarity, and accessible interpretation and that is where you play a vital role.
“To provide that context, let me briefly underscore what these results signify. In 2024, NNPC Limited achieved a Profit After Tax of ₦5.4 trillion supported by ₦45.1 trillion in revenue.
“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.
“Strategically, this financial capacity powers our ambitious national initiatives.
“We are vigorously advancing key gas infrastructure projects such as the Ajaokuta-Kaduna-Kano pipeline project, also known as AKK, and the Obiafu-Obrikom-Oben, also known as OB3 pipelines, to unlock a gas-powered economy, reviewing technical and commercial viability of our refineries to strengthen domestic energy security, and pursuing a $60 billion investment pipeline to expand oil and gas output.
“Our goal remains to raise crude oil production to 3 million barrels per day by 2030 and grow gas production to 12 billion cubic feet daily”.
