A policy advocacy group, the Centre for Energy Accountability and Reform (CEAR), has commended the Nigerian National Petroleum Company (NNPC) Limited for declaring a Profit After Tax of N5.4 trillion for the 2024 financial year.
The Centre described the performance as “an unmistakable affirmation that Nigeria’s oil industry is finally responding to disciplined management and modern commercial reforms”.
In a statement issued on Friday in Abuja and signed by CEAR’s Executive Director, Dr. Ibrahim Ahmed, the centre said the latest results released by GCEO Bayo Ojulari represent the strongest demonstration yet that the company’s drive toward operational efficiency, transparency and investment expansion is yielding measurable outcomes.
NNPC recently announced the 2024 Profit After Tax during a briefing in Abuja, confirming a 64 percent year-on-year jump from the N3.297 trillion recorded in 2023. Revenue also rose sharply to N45.1 trillion, reflecting an 88 percent surge, supported by higher production volumes and strengthened downstream reforms.
CEAR said the results validate the company’s transformation since it became a limited liability company, crediting Ojulari’s leadership for stabilising operations, tightening cost structures and restoring investor confidence at a time when global capital is increasingly sensitive to governance standards.
“This profit performance is not accidental. It reflects a deliberate, disciplined shift in how NNPC Limited is run—one that prioritises efficiency, transparency and commercial viability. 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,” the statement reads.
The Centre said the ongoing reforms across the upstream, midstream and downstream sectors are beginning to correct years of inefficiency, vandalism, under-investment and regulatory conflict.
Ahmed noted that the financial results align with the Renewed Hope Agenda of President Bola Tinubu, particularly the push for fiscal sustainability and improved sectoral governance.
While acknowledging the decline in foreign exchange earnings reported in the 2024 statement, the Centre said the shortfall underscores the need for sustained reforms to boost production, expand gas output and deepen value-addition rather than crude export dependency.
“The path to long-term stability must be investment-led and production-driven. NNPC Limited’s plan to raise crude output to two million barrels per day by 2027 and three million barrels per day by 2030 is the type of ambition the sector requires. Likewise, the move to scale gas production to 12 billion standard cubic feet per day by 2030 shows strategic foresight,” the statement added.
CEAR also praised the company’s plan to mobilise $60 billion in new investments across the value chain, saying such an expansion will be critical for job creation, revenue growth and anchoring 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 said.
The Centre urged regulators, industry players and political actors to avoid distractions and continue supporting the reforms that are restoring credibility to Nigeria’s petroleum value chain.