Abuja/Lagos, November 26, 2025 – In a dual boost to Nigeria’s energy sector, the Nigerian National Petroleum Company Limited (NNPC Ltd) announced a staggering Profit After Tax (PAT) of ₦5.4 trillion for the full year ended 2024, marking a 64% year-on-year increase, while the Dangote Group revealed a strategic partnership with Honeywell International Inc. to expand the Dangote Petroleum Refinery’s capacity from 650,000 barrels per day (bpd) to 1.4 million bpd by 2028. These milestones underscore the nation’s push toward enhanced energy security, operational efficiency, and global competitiveness amid ongoing reforms.
NNPC’s Landmark Financial Performance: ₦5.4 Trillion PAT on ₦45.1 Trillion Revenue
NNPC Ltd unveiled its audited financial results during a media parley and earnings call with industry analysts in Abuja on Monday, November 24, 2025, highlighting a robust turnaround driven by enhanced operational efficiency, downstream market reforms, and stringent cost discipline. The company’s revenue surged to ₦45.1 trillion for 2024, reflecting an impressive 88% year-on-year growth from the previous year’s ₦24 trillion. This performance propelled the PAT to ₦5.4 trillion—up 64% from ₦3.3 trillion in 2023—and Earnings Per Share (EPS) climbed to ₦27.07, also advancing 64% year-on-year.
Group Chief Executive Officer Bayo Ojulari attributed the gains to “enhanced operational efficiency across our assets, the positive impact of downstream market reforms, and our unwavering commitment to cost discipline.” He emphasized that these results, following NNPC’s full commercialization under the 2021 Petroleum Industry Act (PIA), position the company as a “globally competitive energy entity” capable of delivering sustainable returns. Established in 1977 and restructured in July 2022, NNPC Ltd spans the entire oil and gas value chain, from exploration and production to refining and distribution, playing a pivotal role in Nigeria’s energy security and continental development.
Looking ahead, Ojulari outlined a “roadmap for sustained growth and energy security,” including accelerating investments in upstream operations, gas infrastructure, and clean energy. Key targets encompass boosting crude oil production to 2 million bpd by 2027 and 3 million bpd by 2030; expanding natural gas output to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030; completing critical projects like the Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipelines to bolster domestic supply and regional integration; and mobilizing $60 billion in investments across upstream, midstream, and downstream sectors by 2030. “Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari affirmed, aligning with President Bola Ahmed Tinubu’s mandate to fortify national energy security and value creation.
The announcement has been hailed as a testament to NNPC’s financial resilience, with analysts noting its potential to fund dividend payouts to shareholders—potentially including the federal government—and support broader economic diversification.
Dangote Refinery’s Expansion Leap: Honeywell Partnership Targets 1.4 Million bpd by 2028
Complementing NNPC’s fiscal triumph, the Dangote Group disclosed on Tuesday, November 25, 2025, a landmark agreement with U.S.-based Honeywell International Inc. to provide advanced refinery services and technology, enabling the expansion of the Dangote Petroleum Refinery in Lekki, Lagos, to 1.4 million bpd by 2028. This deal doubles the facility’s current 650,000 bpd capacity—the world’s largest single-train refinery—and positions it to process nearly all of Nigeria’s approximate 1.5 million bpd crude output, slashing fuel imports and generating export surpluses.
The partnership builds on Honeywell’s UOP division’s longstanding collaboration with Dangote since 2017, which supplied proprietary equipment including catalyst and dryer regeneration systems, high-performance column trays, and heat exchanger tubes for the refinery’s initial build—a $20 billion project commissioned in 2023. The expansion involves adding a second 750,000 bpd single-train unit over the next three years, advancing Dangote’s vision to create the world’s largest single-location refining complex, surpassing India’s Jamnagar Refinery.
Dangote Group Executive Director, Devakumar Edwin, described the collaboration as a “major milestone in our long-term vision,” stating it will deliver “best-in-class operations” through Honeywell’s cutting-edge solutions. The upgrade is expected to enhance Nigeria’s energy independence, curb chronic fuel shortages and subsidy burdens, and alleviate foreign exchange pressures from refined product imports—a paradox for Africa’s top crude producer due to dilapidated state-owned refineries.
Beyond refining, the deal extends to petrochemicals, with Dangote licensing Honeywell’s Oleflex technology to scale polypropylene production—an essential material for packaging, manufacturing, and automotive parts—from current levels to 2.4 million metric tons annually. Paralleling this, Dangote is advancing its fertilizer expansion in Nigeria, tripling urea output from 3 million to 9 million metric tons per year by adding four new trains to the existing two, each at 1.5 million metric tons, to meet surging African and global demand.
The refinery’s July 2025 upgrade to 700,000 bpd by year-end further signals momentum, with full Nigerian crude processing targeted by December 2025. Industry observers view the Honeywell pact as a catalyst for economic growth, job creation, and industrial capacity-building, reinforcing Dangote’s commitment to innovation and strategic global alliances.
These concurrent announcements signal a maturing Nigerian energy landscape, where state-led efficiency and private-sector ambition converge to drive self-sufficiency and export prowess.
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NNPC Posts Record ₦5.4 Trillion After-Tax Profit; Dangote Refinery Seals Honeywell Deal to Double Capacity to 1.4 Million bpd
