NNPC Limited has reported a Profit After Tax of N5.4 trillion for the 2024 financial year, marking one of its strongest earnings since its transition into a commercial entity. The results were presented by the Group Chief Executive Officer, Bayo Ojulari, who also disclosed that the company generated N45.1 trillion in revenue during the period.

Ojulari noted that the performance reflects the impact of the reforms introduced after the Petroleum Industry Act repositioned the national oil company as a profit-oriented enterprise. According to him, the company is now operating with clearer targets, tighter cost controls and renewed investor confidence.

A central part of NNPC’s long-term strategy is to raise crude oil production to three million barrels per day by 2030, expand gas development, and deliver long-stalled pipeline projects. The long-delayed AKK and OB3 pipelines have again moved into focus as key national infrastructure meant to open new industrial corridors and improve energy distribution.

The company also highlighted ongoing work on Nigeria’s refineries, with the Port Harcourt refinery repeatedly referenced as rehabilitation continues. Officials say the goal is to restore domestic supply capabilities and reduce reliance on imported petroleum products.

Ojulari’s leadership has drawn attention within the industry, supported by more than 30 years of experience from Shell, SNEPCo and international postings. Since taking over, he has emphasized accountability and operational transparency — policies that have helped rebuild relationships with global partners.

The company said 2025 has continued the positive trajectory, with national crude output reaching its highest level in half a decade. Efforts to expand the country’s gas footprint have also advanced, including new CNG stations and mini-LNG facilities. International oil companies, previously cautious, have resumed deeper engagement with Nigeria’s energy sector.