The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit of ₦5.4 trillion for the 2024 financial year.
In a statement issued on Monday, NNPCL said the record earnings reflect enhanced operational efficiency, stronger market conditions, and ongoing reforms shaping Nigeria’s oil and gas sector.
The company described the performance as evidence of its “renewed financial stability,” adding that it is now better positioned for long-term growth.
As part of its forward-looking strategy, NNPCL also unveiled a bold production target of three million barrels per day (bpd) by 2030.
According to the firm, the target is aimed at reversing years of declining output, boosting investor confidence, and restoring Nigeria’s ranking among Africa’s leading oil producers.
NNPCL stated that reaching the 3 million bpd milestone will depend on significant investment in upstream assets, improved security in oil-producing areas, and deeper collaboration with international oil companies, indigenous operators, and service providers.
Industry experts have described the goal as ambitious but potentially transformative. They note that achieving the target could dramatically strengthen Nigeria’s revenue profile, especially at a time of intense foreign exchange pressures and dwindling output from ageing assets.
The company reiterated its commitment to transparency, operational excellence, and delivering enhanced value to its shareholders — including the Nigerian public.
NNPCL added that more details of its long-term expansion plan will be released in the coming months.