Historic profit, record dividends, and a $60bn plan that aims to secure energy for generations
By Gideon Osaka
The Nigerian National Petroleum Company Limited (NNPC Ltd) has entered a pivotal new phase in its evolution, delivering the strongest financial performance in its nearly five-decade history and unveiling an ambitious strategy that could redefine the nation’s economic and energy future. The company’s announcement of a N5.4 trillion Profit After Tax for the 2024 financial year, alongside a record proposed N4.3 trillion dividend, marks a historic turning point for an institution long burdened by losses, inefficiencies, and public scepticism. Today, NNPC Ltd stands transformed, commercial, competitive, profitable, and increasingly positioned as a global energy player.
The announcement, made during a media parley with journalists in Abuja, reflects the early dividends of the Petroleum Industry Act (PIA) 2021, which restructured the company into a fully commercial entity capable of independent capital raising and profit-driven operations. Complementing the financial milestone is the unveiling of a $60 billion strategic investment roadmap, spanning massive upstream expansion, accelerated gas infrastructure development, and the deepening of Nigeria’s energy transition ambitions through 2030.
Backed by rising national crude production, which peaked at 1.8 million barrels per day in 2024, and aggressive operational reforms driven by the Accelerated Production Recovery Initiative (APRI), the company has strengthened domestic supply, improved financial resilience, and expanded its footprint across the full energy value chain. New infrastructure projects, including the AHL and ANOH gas processing plants, the ANOH-OB3 CTMS pipeline, and the $550 million Ubeta gas field development, signal bold execution capacity and a strategic commitment to gas as the engine of Nigeria’s industrial reinvention.
More than a financial report card, the 2024 results signal renewed promise: measurable progress, rising investor confidence, stronger national value creation, and a defining step in shaping a future where Nigeria is not merely a resource producer, but a competitive, technology-driven global energy leader.
Nigeria’s energy sector reached a defining milestone with the announcement that the Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a Profit After Tax (PAT) of N5.4 trillion for the 2024 financial year, the highest profit in the corporation’s history and a 64% increase from the prior year. The announcement marks a dramatic transformation from years of financial instability, positioning NNPC Limited as one of the continent’s most commercially viable national oil companies.
In tandem with the profit declaration, the company proposed a record N4.3 trillion dividend payout, representing a 64% increase over 2023 and reflecting the company’s commitment to ensuring that profitability translates into direct value for Nigerians. According to the Annual Report, the dividend structure is designed to strengthen government revenues, support national development priorities, and promote fiscal stability.
“These results highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” stated Group Chief Executive Officer, Bashir Bayo Ojulari. “They offer a solid foundation for the ambitious growth ahead and reaffirm our commitment to delivering value to Nigerians.”
The report also reveals that NNPC Limited achieved a national crude oil production peak of 1.8 million barrels per day, the highest level recorded since January 2022, enabled by the Accelerated Production Recovery Initiative (APRI). The year further witnessed the successful launch of the Utapate crude oil blend, which received strong acceptance in the international crude market due to its refining quality and yield value.
$60 Billion Investment Plan to Power Growth Through 2030
NNPC Limited’s growth roadmap prioritises expanded capacity across upstream, midstream, downstream, and renewable energy segments. The company announced a planned $60 billion investment pipeline, centred around increasing crude production, accelerating gas infrastructure expansion, and strengthening energy transition positioning.
Key targets include:
* Crude production growth to 2 million bpd by 2027 and 3 million bpd by 2030
* Natural gas output expansion to 10 bcf/d by 2027 and 12 bcf/d by 2030
* Completion of major gas infrastructure projects, including:
Ajaokuta–Kaduna–Kano (AKK) Pipeline
Escravos–Lagos Pipeline System (ELPS)
Obiafu-Obrikom-Oben (OB3) Pipeline
* FID on Ubeta gas field ($550 million investment) expected to deliver 350 mmscf/d of gas and 10,000 bbl/d of associated liquids
* Commissioning of gas processing plants, including AHL, ANOH, and ANOH-OB3 CTMS, delivering 500 mmscf/d additional supply capacity
* Support for domestic refining expansion, including supply to modular refineries and the Dangote Refinery
ESG, Sustainability and Human Capital Development Prioritised
The Annual Report highlights concrete ESG progress, including deployment of flare gas recovery systems, digital emission monitoring tools, and strengthened governance frameworks aimed at reducing operational carbon impact.
NNPC Limited also emphasised:
n Workforce capability enhancement under a future-skills programme
n Strategic partnerships to leverage technology transfer
* Local content integration across project execution
As the company’s values define, Integrity, Excellence, and Sustainability remain the core corporate pillars.
Expert Commentary: Analysts Applaud Results and Ambition
Dr. Nafi’u Abdulrasheed, Petroleum Economist
“The combination of record profitability and record dividends shows a shift from symbolic reform to real structural output. This is the first time Nigerians are seeing tangible benefits of the commercialisation mandated by the PIA.”
Prof. P.O. Thompson, Energy Law Scholar
“The 2024 financials demonstrate that transparency and commercial discipline work. This is a national asset finally functioning like a company, not a bureaucracy.”
Michael Grant, Senior Analyst, Woodrow Energy Consulting
“The $60 billion pipeline is aggressive but credible. Combined with 1.8 mbpd production momentum and major gas commissioning achievements, NNPC Limited is demonstrating global competitiveness.”
Energy Markets Strategist, Temitope Adegun
“NNPC’s gas acceleration aligns with global transition priorities. If the current commissioning pace continues, Nigeria could become Africa’s gas hub.”
Broader Implications for Nigeria
Expected economic wins:
Area
Anticipated Impact
Foreign exchange earnings
Strengthened reserves and naira stabilisation
Domestic energy stability
Improved fuel supply reliability
Industrial growth
Manufacturing boost from increased gas-to-power
Job creation
Thousands of skilled and technical roles
Regional diplomacy
Stronger energy influence across West Africa
A Pivotal Turning Point
NNPC Limited’s N5.4 trillion profit declaration, N4.3 trillion dividend proposal, and $60 billion investment roadmap collectively reflect a new confidence in Nigeria’s energy future. Supported by evidence of operational excellence, ESG progress, infrastructure milestones, and expert validation, the company is positioning itself as a premier African energy champion.
The next decade will test execution capacity, but the foundation now appears significantly stronger than at any time in modern history. Nigeria may indeed be entering an energy renaissance, and the world is watching.