The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a significant improvement in its financial performance, posting a ₦7.2 trillion profit after tax for the 2025 financial year as the company’s oil and gas production climbed to multi-year highs.
The state-owned energy company announced the figures following its Annual General Meeting and a subsequent earnings session with financial and business analysts.
According to the audited results, NNPC’s profit after tax increased by 33 per cent, rising from ₦5.4 trillion recorded in 2024 to ₦7.2 trillion in 2025. The company said the performance reflected stronger earnings and improved operational performance despite pressures affecting revenue.
Revenue Falls Despite Higher Profit
NNPC recorded revenue of ₦34.5 trillion during the year under review.
The figure represented a decline of about 24 per cent compared with the previous year. The company attributed the reduction largely to lower crude oil prices and a decrease in the volume of refined petroleum products following the deregulation of the downstream market in 2024.
Despite the drop in revenue, NNPC said its profitability strengthened during the year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 22 per cent to ₦18 trillion, while operating cash flow increased by 16 per cent to ₦12.8 trillion.
The company also reported a 32 per cent increase in earnings per share to ₦35.9, while its return on equity improved by two percentage points to 16 per cent.
NNPC Declares ₦5.8tn Dividend
The improved financial performance has also translated into a larger dividend declaration.
NNPC said its board declared a ₦5.8 trillion dividend, representing a 35 per cent increase compared with the previous year’s figure.
The dividend forms part of the company’s efforts to generate greater value for its shareholders as it operates under the commercial framework introduced by the Petroleum Industry Act.
Since becoming a fully commercial company in 2022, NNPC has increasingly focused on profitability, operational efficiency and investment across Nigeria’s oil and gas value chain.
Oil Production Reaches Five-Year High
One of the major highlights of the 2025 performance was the increase in crude oil and condensate production.
NNPC reported average production of 1.77 million barrels per day, its highest level in five years.
Total crude oil and condensate output for the year reached 565.8 million barrels, representing a 5 per cent increase.
The company’s own equity share of that production rose by 11 per cent to 223.7 million barrels.
The improvement comes as Nigeria continues efforts to raise oil production after years of challenges involving crude theft, pipeline vandalism, insecurity and operational disruptions.
Gas Output Also Climbs
Natural gas production recorded a strong performance during the year.
NNPC said average gas production reached 7.2 billion standard cubic feet per day, marking a three-year high.
Total natural gas production stood at 2,606.2 billion standard cubic feet, an increase of 9 per cent.
NNPC’s equity share also increased by 11 per cent to 1,154.9 billion standard cubic feet.
The company has identified natural gas as a major component of its long-term strategy as Nigeria seeks to expand domestic energy supply, industrial development and gas exports.
Major Infrastructure Projects Advance
NNPC also highlighted progress on several major infrastructure projects during the year.
The company completed the mainline of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, covering 623 kilometres, while the River Niger crossing section of the project was also completed.
The company commissioned the ANOH-OB3 Custody Transfer Metering Station and moved the 300 million standard cubic feet per day ANOH Gas Processing Plant closer to start-up.
NNPC also acquired 500 compressed natural gas-powered trucks as part of efforts to strengthen gas utilisation and transportation.
In the refining sector, the company adopted a Technical Equity Partnership Model as part of its strategy for reforming its refinery portfolio.
Investment in Workforce
Beyond its financial and operational results, NNPC said it continued to invest in its workforce.
The company employed 1,023 full-time workers during 2025 and deployed more than 1,000 graduates following a year-long internship and training programme.
Women now account for 23 per cent of leadership positions at NNPC, compared with an industry average of 17 per cent cited by the company.
NNPC said its talent strategy is designed to combine experienced personnel with younger professionals while strengthening digital, technical and international capabilities.
NNPC Sets Bigger Production Targets
Looking ahead, the company has outlined ambitious production targets.
NNPC is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
It also wants natural gas production to reach 12 billion standard cubic feet per day by 2030.
To support those ambitions, the company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030, alongside the completion of major gas infrastructure projects.
NNPC said its 2025 results provide a stronger foundation for the next phase of growth, with increased production, infrastructure development and investment expected to remain central to its strategy.
The company’s latest performance comes as Nigeria continues efforts to increase crude production, expand domestic refining and develop its significant natural gas resources as part of a broader drive to strengthen the energy sector and generate greater economic value.
