The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a profit after tax of N7.2 trillion for 2025, representing a 33% increase from the N5.4 trillion recorded in 2024. This was disclosed by the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, during a media briefing in Abuja after the company’s annual general meeting and earnings call. The profit increase is a significant achievement for the company.
Despite the increase in profit, NNPC Ltd's revenue declined from N45.1 trillion in 2024 to N34.5 trillion in 2025. According to Ojulari, 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. The company has been navigating a challenging business environment.
NNPC Ltd's improved financial performance is attributed to enhanced operations and stronger financial discipline across its businesses. The company's earnings per share also increased from N27.07 in 2024 to N35.9 in 2025. Taxes, royalties, and other payments to the government rose by 39% to N22.3 trillion during the year. This demonstrates the company's commitment to contributing to government revenue.
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. The improved performance has strengthened NNPC's ability to invest, contribute to government revenue, and support Nigeria's energy security. This achievement is a positive indicator for the country's energy sector.
Ojulari provided updates on major gas projects, including the Ajaokuta Kaduna Kano gas pipeline, which has been completed, with work now focused on connecting the pipeline to delivery points in Abuja, Ajaokuta, and Kaduna. The Obiafu Obrikom Oben (OB3) gas pipeline has also been completed after years of challenges. These projects are expected to enhance gas supply and support economic growth.
NNPC Ltd is finalizing plans to make the country's refineries self-sustaining and profitable, with potential partners completing a three-month assessment involving over 34 engineers. The company aims to increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. Additionally, NNPC plans to increase gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.
The company plans to attract over $60 billion in investments across the energy value chain. NNPC also announced that over 1,000 newly employed professionals joined the company under its Talent to Value programme in 2025, completing a one-year internship and training programme before being deployed. Women currently occupy over 23% of leadership positions at NNPC, compared to a global industry average of 17%.
Key points
- NNPC Ltd reports N7.2 trillion profit after tax for 2025.
- Revenue declined to N34.5 trillion due to lower crude oil prices and reduced product volumes.
- Company aims to increase crude oil production to 2 million barrels per day by 2027.
