NNPC profit jumps 33% to N7.2trn despite revenue decline

The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N7.2 trillion in 2025, representing a 33 per cent increase from the N5.4 trillion recorded in 2024.

The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this on Tuesday during a media briefing in Abuja after the company’s annual general meeting and earnings call.

Despite the increase in profit, the company’s revenue fell from N45.1 trillion in 2024 to N34.5 trillion in 2025.

Ojulari said the decline in revenue was mainly caused by lower crude oil prices and a reduction in product volumes following market regulation and the removal of fuel subsidy.

He, however, said NNPC’s profit increased because the company improved its operations and maintained stronger financial discipline across its businesses.

The company’s earnings per share also increased from N27.07 in 2024 to N35.9 in 2025.

Ojulari said NNPC’s taxes, royalties and other payments to the government increased by 39 per cent to N22.3 trillion during the year.

He also disclosed that crude oil and condensate production reached a five year high of 1.77 million barrels per day at its peak, while gas supply rose to a three year high of 7.2 billion standard cubic feet per day.

According to him, the improved performance has strengthened NNPC’s ability to invest, contribute to government revenue and support Nigeria’s energy security.

On major gas projects, Ojulari said the main line of the Ajaokuta Kaduna Kano gas pipeline has been completed, with work now focused on connecting the pipeline to delivery points in Abuja, Ajaokuta and Kaduna.

He said the next major step would be to begin supplying gas through the pipeline to industries and power plants.

Ojulari also announced the completion of the Obiafu Obrikom Oben (OB3) gas pipeline after years of challenges. The pipeline is expected to connect gas sources to major markets.

On the country’s refineries, he said potential partners under NNPC’s technical equity partnership model had completed a three month assessment involving more than 34 engineers.

He said NNPC was now finalising the assessment report and would soon announce a plan to make the refineries self sustaining and profitable.

Ojulari restated NNPC’s target of increasing crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

The company also plans to increase gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.

NNPC plans to attract more than $60 billion in investments across the energy value chain.

Ojulari further disclosed that more than 1,000 newly employed professionals joined NNPC under its Talent to Value programme in 2025. He said they completed a one year internship and training programme before being deployed across the company.

He added that women currently occupy more than 23 per cent of leadership positions at NNPC, compared with a global industry average of 17 per cent.