A policy advocacy organisation, the Centre for Energy Accountability and Reform (CEAR), has welcomed the Nigerian National Petroleum Company (NNPC) Limited’s declaration of ₦5.4 trillion Profit After Tax for 2024, describing the figures as a significant signal of progress in the country’s oil and gas value chain. The group said the performance reflects improved operational discipline and commercial reforms that are beginning to reshape the sector’s financial outlook.
In a statement issued in Abuja and signed by its Executive Director, Dr Ibrahim Ahmed, the Centre said the results announced by NNPC Limited’s Group Chief Executive Officer, Bayo Ojulari, represent one of the clearest signs yet that the company’s restructuring is translating into measurable gains. The 2024 results show a 64 per cent increase from the ₦3.297 trillion profit recorded in 2023, while revenue rose by 88 per cent to ₦45.1 trillion, supported by higher production levels and changes introduced in the downstream segment.
CEAR said the improvement reflects the company’s transition into a limited liability structure, which it argued has strengthened accountability, attracted investment interest and encouraged more efficient management practices. The Centre also credited Ojulari’s leadership for stabilising operations and reinforcing cost control mechanisms at a time when global investors are becoming increasingly selective about governance standards in the energy sector.
According to CEAR, NNPC Limited’s performance suggests that ongoing reforms across the upstream, midstream and downstream segments are beginning to address long-standing challenges such as pipeline vandalism, under-investment, operational inefficiencies and regulatory overlap. Ahmed added that the results are consistent with President Bola Tinubu’s Renewed Hope Agenda, particularly its emphasis on fiscal discipline and improved sectoral governance.
The Centre, however, noted the decline in foreign exchange earnings reported in the company’s 2024 statement, saying the shortfall highlights the importance of sustained reforms aimed at boosting crude production, expanding gas output and promoting value-addition within Nigeria rather than relying overwhelmingly on crude exports.
Ahmed said the company’s ambition to increase crude production to two million barrels per day by 2027, and three million barrels per day by 2030, represents the level of forward planning required to achieve long-term stability. He added that NNPC Limited’s target to expand gas production to 12 billion standard cubic feet per day by 2030 demonstrates strategic alignment with global energy transition trends and the country’s domestic energy needs.
CEAR also commended the company’s intention to attract $60 billion in new investments across the petroleum value chain, describing such capital mobilisation as critical for job creation, revenue growth and national energy security.
With the latest results, the Centre said NNPC Limited has shown that Nigeria’s petroleum sector can operate efficiently when guided by clear objectives and professional management. It urged regulators, political actors and industry partners to support ongoing reforms and avoid disruptions that could undermine progress in the sector.
