The Nigerian National Petroleum Company Limited (NNPCL) reported a Profit After Tax of ₦5.4 trillion for the 2024 fiscal year, which the Centre for Energy Accountability and Reform (CEAR) praised as a historic achievement for Nigeria’s oil sector.
In a statement on Tuesday, December 2, in Abuja, the group said the result, issued by NNPC’s Group Chief Executive Officer, Bayo Ojulari, demonstrates that the national oil firm is finally reacting to disciplined management and modern commercial changes.
The statement, signed by CEAR’s Executive Director, Dr Ibrahim Ahmed, said the new profit figure marks a 64 per cent year-on-year leap from the ₦3.297 trillion recorded in 2023, while revenue surged by 88 per cent to ₦45.1 trillion, boosted by higher production volumes and strengthened downstream reforms.
“This profit performance is not accidental. It indicates a purposeful, disciplined shift in how NNPC Limited is run, one that prioritises efficiency, transparency and commercial viability,” CEAR said.
“Under Bayo Ojulari’s watch, the company has shown that a national oil company can be profitable, globally competitive and strategically aligned with national development goals.”
CEAR credited NNPC’s change since its transition into a limited liability company, saying Ojulari has helped stabilise operations, reduce cost structures and reestablish investor confidence at a time when global capital is increasingly sensitive to governance.
Ahmed pointed out that the performance is consistent with President Bola Tinubu’s Renewed Hope Agenda, particularly the administration’s emphasis on better sector governance and fiscal sustainability.
Reforms in the upstream, middle, and downstream segments have started to address years of inefficiency, vandalism, underinvestment, and regulatory conflict, according to CEAR.
The Center acknowledged the fall in foreign exchange earnings reported in NNPC’s 2024 statement, but stated that it highlights the need for ongoing reforms to boost production, enhance gas output, and strengthen local value-addition.
“The path to long-term stability must be investment-led and production-driven,” Ahmed remarked.
CEAR praised NNPC’s medium-term plans to boost crude oil output to two million barrels per day by 2027 and three million barrels per day by 2030, calling it as “the kind of ambition the sector needs.”
Calling it “strategic foresight for energy transition,” it also applauded the oil company’s plans to increase gas production to 12 billion standard cubic feet per day by 2030.
The group also applauded NNPC’s goal to raise $60 billion in new investments throughout the oil and gas value chain, claiming that this capital expansion will enhance earnings, create jobs, and stabilize Nigeria’s energy transition.
“With this performance, NNPC Limited has sent a clear message that Nigeria’s energy sector can work, and work profitably, when guided by clear vision and competent management,” Ahmed added.
The Centre urged regulators, industry stakeholders and political players to avoid distractions and continue backing the changes that are restoring credibility to Nigeria’s petroleum value chain.
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