Revenue Hits N45 Trillion, Declares N4.3 Trillion Dividend; Refineries’ Fate to Be Decided by Mid-2026
By Obas Esiedesa, Abuja
The Nigerian National Petroleum Company Limited (NNPC) has reported a profit after tax of N5.4 trillion for the 2024 financial year, a 63.6% increase from N3.3 trillion recorded in 2023.
The company’s revenue rose to N45.07 trillion from N23.9 trillion the previous year, while profit before tax grew from N5.98 trillion in 2023 to N9.55 trillion in 2024. NNPC also declared a dividend of N4.3 trillion, equivalent to N27.07 per share.
Speaking on the performance in Abuja, NNPC Group CEO Engr. Bayo Ojulari attributed the surge in profit largely to foreign exchange gains. He added that the results reflect the company’s ongoing transformation and commitment to delivering value to Nigerians in line with President Bola Tinubu’s mandate.
Ojulari outlined key strategic priorities, including: 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.
Completing major gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines.
Mobilizing $60 billion in investments across upstream, midstream, and downstream sectors by 2030.
On the future of NNPC refineries, Ojulari said the company is reviewing partnership options with private entities to complement technical capacity and resources. 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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