FOREX Gain Grows NNPC Profit After Tax as Company Targets Mid-2026 Refinery Decision
Nigeria’s state-owned energy giant, the Nigerian National Petroleum Company Limited (NNPCL), has announced its strongest financial performance yet, declaring a profit after tax of N5.4 trillion for the 2024 fiscal year.
The outcome—driven largely by favourable FOREX gains—marks a 63.6 percent increase compared to the N3.3 trillion profit posted in 2023, underscoring the company’s rising revenue base and a more aggressive balance-sheet restructuring under the Petroleum Industry Act (PIA).
The audited financials, released on Monday, show that NNPC’s revenue surged to N45.07 trillion, nearly doubling the N23.9 trillion recorded the previous year.
The company also posted a profit before tax of N9.55 trillion, up from N5.98 trillion in 2023, reflecting improved market conditions, enhanced operational efficiency, and the impact of exchange-rate revaluation on its foreign-denominated assets.
Group Chief Executive Officer, Engr. Bayo Ojulari, who presented the financial performance in Abuja, described the figures as a testament to the company’s ongoing transformation into a commercially driven energy conglomerate.
He emphasized that the uplift in earnings was significantly aided by the restructured foreign exchange regime, which strengthened NNPC’s asset position.
“The earnings highlight the positive momentum of our transformation and the unwavering commitment of our workforce,” Ojulari said.
“They offer a solid foundation for the ambitious growth ahead in line with President Bola Ahmed Tinubu’s mandate and reaffirm our commitment to delivering value to Nigerians.”
In addition to its impressive profit profile, the company declared a N4.3 trillion dividend, translating to N27.07 per share, further cementing its evolving status as a commercially viable, profit-oriented corporation operating under the Companies and Allied Matters Act (CAMA).
FOREX Gain Grows NNPC Profit After Tax: Strategic Sector Targets Set for 2030
Engr. Ojulari outlined an aggressive investment and expansion roadmap designed to reposition NNPC as a dominant force in Africa’s upstream, midstream, and clean-energy landscape. Central to this strategy is a sustained scale-up in crude oil and natural gas production capacity over the next decade.
Key targets announced include:
• Crude oil production of 2 million barrels per day (bpd) by 2027, rising to 3 million bpd by 2030.
• Natural gas production of 10 billion cubic feet per day (bcf/d) by 2027, and 12 bcf/d by 2030.
• Completion of major gas infrastructure, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos–Lagos Pipeline System (ELPS), and the Obiafu–Obrikom–Oben (OB3) pipeline.
• Mobilisation of $60 billion in investments across upstream, midstream, and downstream operations by 2030.
The NNPC boss explained that investment priorities are aligned with Nigeria’s long-term energy security goals and its transition agenda, which seeks to expand domestic gas utilisation while positioning the country for regional energy dominance.
“Our ambition is to drive energy availability, deepen gas penetration, support industrialisation, and ensure Nigeria becomes the investment hub for oil and gas in West Africa,” Ojulari said.
FOREX Gain Grows NNPC Profit After Tax as Refinery Review Continues
A major highlight of the briefing was the status update on Nigeria’s long-awaited refinery rehabilitation programme.
NNPC disclosed that it is working toward a mid-2026 timeline for a final decision on the future of its three major refineries—Port Harcourt, Warri, and Kaduna.
According to Ojulari, the company is examining multiple partnership models to determine the most sustainable operational structure for the once-moribund facilities.
He hinted at a shift from government-dominated operations to a more private-sector-driven approach.
“What we are looking at right now is partnerships with private entities that already run refineries successfully,” he explained.
“We want to collaborate with operators who bring technical capacity and capital, while we complement with the infrastructure and experience we have.
The goal is to co-operate the refineries as a business, not as a government-dependent entity.”
The NNPC chief noted that while the company is making progress, it would be premature to assign a fixed date.
However, he affirmed that “by the middle of next year, we will be in a better position to give a firmer timeline.”
This approach is consistent with global best practices where national oil companies enter joint-venture operational models to de-risk assets, improve productivity, and guarantee continuous supply to domestic markets.
FOREX Gain Grows NNPC Profit After Tax Amid Growing National Expectations
The announcement of record profits comes at a time of heightened public scrutiny over petroleum product availability, rising domestic energy costs, and Nigeria’s declining daily oil output.
Industry stakeholders argue that NNPC’s strong financial performance—boosted by FOREX revaluation—not only restores investor confidence but also places new expectations on the company to stabilise the domestic energy market.
Analysts contend that sustained profitability must translate to improved access to petroleum products, expansion of gas-to-power infrastructure, and concrete progress on refinery rehabilitation.
They also noted that the aggressive investment plans signal a deliberate shift from dependency on imported fuels, particularly as the Dangote Refinery ramps up its production capacity.
The company’s financial trajectory, they argue, also provides an opportunity for better federal revenue flows, more transparent corporate governance under the PIA regime, and enhanced competitiveness in the global oil and gas space.
Despite the upbeat figures, the broader challenge remains Nigeria’s ability to meet its crude oil production targets amid pipeline vandalism, theft, and operational disruptions.
Meeting the 2 million bpd target by 2027 will require stronger collaboration between NNPC, security agencies, and private operators.
FOREX Gain Grows NNPC Profit After Tax as a New Era Emerges
With the 2024 financial results, NNPC Limited is signalling a new era in its corporate evolution—one rooted in profitability, competitiveness, and strategic investment.
The company’s management insists that the gains are not accidental but reflect an intentional shift toward efficiency, transparency, and commercial discipline.
As Nigeria pushes to expand its energy capacity, attract foreign capital, and reduce reliance on imports, NNPC’s latest financial performance provides a credible foundation for growth.
Whether this momentum will translate to tangible improvements in energy security, refinery capacity, and revenue stability will be closely watched in the months ahead.
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