NNPCL Unveils $60bn Expansion Plan, Reports 64% Profit Growth
The Nigerian National Petroleum Company Limited (NNPCL) has announced a major financial breakthrough, reporting a 64% rise in profit after tax and unveiling an ambitious $60 billion expansion plan aimed at overhauling Nigeria’s oil and gas sector.
In its latest financial statement, the company disclosed a ₦5.4 trillion profit after tax, driven by improved operational efficiency, higher crude production, and favourable global energy market conditions. Revenue for the period climbed to ₦45.1 trillion, reinforcing the company’s steady move toward stronger commercial performance under the Petroleum Industry Act Group Chief Executive Bayo Ojulari said the results reflect “a more competitive and growth-driven NNPCL,” adding that the company is intensifying its drive to attract foreign capital and strengthen partnerships across the energy value chain. The newly unveiled $60 billion investment pipeline will focus on upstream expansion, gas infrastructure development, and refining upgrades to boost domestic fuel production and reduce import dependence. NNPCL says the plan is designed to accelerate national energy security while positioning Nigeria more competitively in the global market. Energy analysts have welcomed the company’s improved finances but stress that the success of the expansion plan will depend heavily on stable regulation, transparency, and improved security of critical oil and gas assets. Despite challenges such as oil theft and pipeline vandalism, experts believe the plan—if implemented effectively—could significantly boost economic growth, job creation and foreign exchange inflows. NNPCL is expected to release detailed allocations and project timelines in the coming months as the company moves to operationalise what will be one of the largest investment drives in Nigeria’s energy sector.
