The Nigerian National Petroleum Company Limited (NNPC) has committed N473.8 billion to gas infrastructure projects in 2025, according to its annual financial report. The funding was provided to its wholly owned subsidiary, NNPC Gas Infrastructure Company Limited, to meet cash call obligations for the transnational pipeline, support an equity injection into Anoh Gas Processing Company, and finance the Ajaokuta-Kaduna-Kano gas pipeline project.
The NNPC's 2025 annual financial report also disclosed that N25.7 billion in interest on the facility remained outstanding as of December 31, 2025. Additionally, N14.4 billion of the loan facility remained undrawn as of the reporting date. The report stated that the loan was granted to support the projects, including the Nigeria-Morocco Gas Pipeline, a proposed cross-border project expected to transport Nigerian natural gas through several West African countries to Morocco.
The Nigeria-Morocco Gas Pipeline, also known as the African Atlantic Gas Pipeline, is designed to connect Nigeria's gas resources to markets along the West African coast. The proposed route is expected to pass through countries including Benin, Togo, Ghana, Côte d'Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, and Mauritania before reaching Morocco. The pipeline is intended to improve regional energy access, support industrial development, and strengthen gas exports.
The NNPC's financial statements also showed that lending to related parties increased significantly in 2025. At the company level, loans to related parties rose to N939.253 billion from N185.544 billion in 2024, an increase of N753.709 billion, or about 406.2 percent. The 2025 balance included N211.642 billion lent to NNPC Energy Services Limited, N77.588 billion to Kaduna Refining and Petrochemical Company, and N29.580 billion to Port Harcourt Refining Company.
The NNPC also reported a N21.943 billion loan to the African Medical Centre of Excellence, an associate, while loans to related parties at the group level totalled N52.853 billion. That group balance comprised N30.910 billion for Anoh Gas Processing Company and N21.943 billion for the medical centre. The report further disclosed that NNPC provided N133.5 billion to Kaduna Refining and Petrochemical Company to finance invoice payments and tax obligations associated with its Quick Fix Maintenance project.
Petroleum economist and Professor Emeritus at the LSU Energy Institute, Wumi Iledare, commented on the NNPC's financial performance, stating that the company's reported N7.2 trillion profit in 2025 does not, on its own, prove that the company has achieved sustainable commercial operations. Iledare called for greater transparency in NNPC's assets, cash flows, and accountability, adding that the company's annual financial report should be assessed beyond its financial performance.
The disclosures highlight the scale of NNPC's financial support for subsidiaries and associated companies involved in oil, gas, refining, and infrastructure projects, as the national oil company seeks to expand domestic gas supply and develop new energy infrastructure. The NNPC's commitment to gas infrastructure projects is expected to improve regional energy access, support industrial development, and strengthen gas exports.
Key points
- NNPC commits N473.8bn to gas infrastructure projects in 2025.
- The Nigeria-Morocco Gas Pipeline is expected to transport Nigerian natural gas through several West African countries to Morocco.
- NNPC's lending to related parties increased significantly in 2025, rising to N939.253 billion from N185.544 billion in 2024.
