NNPCL Records ₦7.2tn Profit In 2025, Up 33% Despite Revenue Decline

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has recorded a profit after tax of ₦7.2 trillion for the 2025 financial year, representing a 33% increase from the ₦5.4 trillion recorded in 2024.

The Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, disclosed this on Tuesday while presenting the company’s 2025 audited financial statements.

Despite the increase in profit, the company’s revenue declined by 24% to ₦34.5 trillion, which NNPC attributed principally to lower crude oil prices and reduced white product volumes following market deregulation in 2024.

According to the company, earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 22% to ₦18 trillion, while operating cash flow increased by 16% to ₦12.8 trillion.

The company also declared a dividend of ₦5.8 trillion, representing a 35% increase from the previous year.

On operations, NNPC said crude oil and condensate production averaged 1.77 million barrels per day in 2025, its highest level in five years.

Natural gas production also averaged 7.2 billion standard cubic feet per day, a three-year high.

Oil and condensate production totalled 565.8 million barrels, representing a 5% increase, while the company’s equity share rose by 11% to 223.7 million barrels.

Natural gas production reached 2,606.2 billion standard cubic feet, up 9%, while NNPC’s equity share increased by 11% to 1,154.9 billion standard cubic feet.

Ojulari also disclosed progress on major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) pipeline and the Obiafu-Obrikom-Oben (OB3) pipeline.

He said the AKK River Niger crossing had been completed, while the 40-inch by 623-kilometre AKK mainline had also been fully completed.

NNPC said the ANOH-OB3 Custody Transfer Metering Station had been commissioned, while the 300 million standard cubic feet per day ANOH Gas Processing Plant had advanced to start-up readiness.

The company also said it had acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform.

NNPC said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates deployed after completing a one-year internship and training programme.

It added that women now occupy 23% of leadership positions in the company.

On its outlook, NNPC said it is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.

It is also targeting natural gas production of 12 billion standard cubic feet per day by 2030 and plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030.

NNPC said it also plans to complete major gas infrastructure projects, including AKK, the Escravos-Lagos Pipeline System (ELPS) and OB3.

The company said its 2025 audited financial statements were released following its Annual General Meeting and second earnings call with financial and business analysts.