The Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded a 33 per cent increase in profit after tax to N7.2 trillion in 2025, up from N5.4 trillion in 2024. This improvement was driven largely by operational efficiency, cost discipline, and stronger execution across the company's businesses, despite lower crude oil prices and reduced white-product volumes during the year.
NNPC Ltd's Group Chief Executive Officer, Bayo Ojulari, disclosed this information at a press briefing in Abuja following the company's Annual General Meeting and earnings call. He stated that the company recorded revenue of N34.5 trillion, while taxes, royalties, and other remittances to the government rose by 39 per cent to N22.3 trillion. Crude oil and condensate production reached a five-year high of 1.77 million barrels per day at its peak.
Nigerian gas supply also rose to a three-year high of 7.2 billion standard cubic feet per day. Ojulari mentioned that the company is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030. Additionally, gas production is expected to rise to 10 billion standard cubic feet per day by 2027 and 12 billion standard cubic feet per day by 2030.
To achieve these targets, NNPC Ltd will need to mobilise more than $60 billion in investments across the energy value chain. Ojulari stated that the company believes it has the resources and people required to meet the targets but will need to bring in the necessary technology and financing. The company is exploring opportunities to expand petrochemical operations alongside refining to improve the profitability of the downstream business.
On the country's refineries, Ojulari said NNPC has made significant progress with prospective partners under its technical equity partnership model. Prospective partners conducted a three-month intrusive on-site due diligence exercise involving more than 30 engineers. The new approach is designed to ensure that the refineries become commercially sustainable and technologically competitive.
The technical assessment highlighted the need to incorporate newer technologies into the refinery rehabilitation plans rather than simply restoring outdated facilities. NNPC Ltd is also exploring opportunities to expand petrochemical operations alongside refining to improve the profitability of the downstream business. The company will not proceed with refinery rehabilitation without a clear path to profitability and sustainability.
Ojulari also disclosed that NNPC Ltd has commenced its listing-readiness process, with the first phase involving a diagnostic assessment to identify gaps that need to be addressed before the company can be ready for the capital market. The proposed listing will cover NNPC Ltd and its subsidiaries, rather than being limited to the refineries. The company's 2025 performance has provided a stronger foundation for increased investment, higher production, and greater contribution to government revenue.
Key points
- NNPC Ltd reports 33% increase in profit after tax to N7.2 trillion in 2025.
- The company is targeting crude oil production of three million barrels per day by 2030.
- NNPC Ltd will need to mobilise more than $60 billion in investments to meet 2030 production targets.
