NNPC Profit Rises to N7.2tn Despite Revenue Decline

NNPC Profit Rises to N7.2tn Despite Revenue Decline

The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a N7.2 trillion profit after tax in 2025, representing a 33.3 per cent increase from the N5.4 trillion it reported in 2024, despite a significant decline in revenue.

NNPC Group Chief Executive Officer, Bayo Ojulari, disclosed the figures on Tuesday while presenting the company’s audited financial results for the 2025 financial year in Abuja.

The company recorded N34.5 trillion in revenue in 2025, down from N45.1 trillion reported for 2024. Despite the revenue decline, profit increased as NNPC attributed the stronger bottom-line performance to improved operational efficiency and financial discipline.

Ojulari said lower international crude oil prices and reduced petroleum product sales, following changes in the downstream petroleum market, put pressure on revenue during the year.

However, improved operational performance helped cushion the impact, allowing NNPC profit to rise to N7.2 trillion.

The company also reported N22.33 trillion in taxes, royalties and other remittances to the Federal Government, representing a 39 per cent increase compared with the previous year.

The results also showed stronger production performance across the company’s upstream operations.

According to NNPC, crude oil and condensate production reached an average peak of 1.77 million barrels per day in 2025, the company’s highest level in five years.

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Domestic gas supply also rose to a three-year high of 7.2 billion standard cubic feet per day, reflecting increased gas production and supply to the Nigerian market.

NNPC said the financial performance demonstrated the impact of efforts to improve asset management, increase production and strengthen efficiency across its businesses.

The company’s latest results come as Nigeria continues to seek higher crude oil production, increased domestic gas supply and greater investment across the petroleum value chain.

NNPC, which became a commercial company under the Petroleum Industry Act (PIA) in 2022, has been pursuing a strategy focused on increasing oil and gas output, expanding gas monetisation and strengthening its downstream operations.

The company said its future growth strategy would require continued investment in infrastructure, workforce development and operational capabilities.

NNPC also highlighted investments in digital capabilities and artificial intelligence as part of efforts to improve efficiency and strengthen its workforce.

More than 1,000 newly recruited professionals joined the company in 2025 and underwent a one-year internship and training programme before being deployed across its operations.

The company also reported that women now occupy more than 23 per cent of its leadership positions, compared with an industry average of 17 per cent.

The 2025 results come against the backdrop of major changes in Nigeria’s petroleum sector, including the removal of petrol subsidy and increased private-sector participation in fuel supply.

NNPC said the improved profitability had strengthened its capacity to invest in operations, contribute to government revenue and support Nigeria’s energy security.

The company’s performance will continue to be closely watched as Nigeria seeks to raise oil production, expand gas utilisation and increase the economic contribution of the oil and gas sector.

NNPC Profit Rises to N7.2tn Despite Revenue Decline