Centre Applauds NNPC’s Record N5.4trn Profit, Hails Ojulari’s Reforms
The Centre for Energy Accountability and Reform (CEAR) has applauded the Nigerian National Petroleum Company (NNPC) Limited for posting a Profit After Tax (PAT) of N5.4 trillion for the 2024 financial year—its highest in history.
In a statement issued Tuesday in Abuja and signed by its Executive Director, Dr. Ibrahim Ahmed, the Centre described the performance as “a clear validation that Nigeria’s oil sector is finally responding to disciplined leadership, commercial reforms and transparent governance.”
NNPC had, last week, announced its 2024 results, reflecting a 64% increase from the N3.297 trillion recorded in 2023. Revenue also surged by 88% to N45.1 trillion, driven by increased production volumes and ongoing downstream reforms.
CEAR said the outstanding results underscore the transformation of NNPC Ltd under the stewardship of Group Chief Executive Officer (GCEO), Bayo Ojulari, whom it credited with stabilising operations, tightening cost controls and restoring investor confidence despite global capital volatility.
“This profit performance is no accident,” the Centre noted. “It reflects a deliberate shift toward efficiency, transparency and commercial focus. Under Bayo Ojulari’s watch, NNPC Limited has demonstrated that a national oil company can be profitable, globally competitive and aligned with national development goals.”
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The Centre added that reforms implemented across the upstream, midstream and downstream sectors are gradually reversing years of inefficiency, vandalism, under-investment and regulatory uncertainty.
Dr. Ahmed said the results are consistent with President Bola Tinubu’s Renewed Hope Agenda, especially the push for fiscal stability and stronger sector governance.
While acknowledging the decline in foreign exchange earnings captured in the 2024 statement, CEAR said the dip reinforces the urgency of expanding production, growing gas output and increasing domestic value addition rather than depending heavily on crude exports.
“The pathway to long-term stability must be driven by investment and sustained production,” the statement added. “NNPC Limited’s plan to scale crude oil output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside raising gas production to 12 billion standard cubic feet per day, reflects the kind of ambition the sector needs.”
The group also lauded NNPC’s move to mobilise $60 billion in new investments across the value chain, describing it as critical for job creation, national revenue growth and anchoring Nigeria’s energy transition.
“With this performance, NNPC Limited has sent a strong message: Nigeria’s energy sector can deliver results when guided by vision, competence and transparency,” CEAR concluded.
The Centre urged regulators, industry leaders and political stakeholders to stay focused and avoid distractions that could derail ongoing reforms aimed at restoring credibility to Nigeria’s petroleum value chain.
