The Nigerian National Petroleum Company Limited (NNPC) has announced a 33% increase in profit after tax to N7.2 trillion for the 2025 financial year. This represents a significant rise from N5.4 trillion recorded in 2024. The national oil company's revenue stood at N34.5 trillion, a 24% decline due to lower crude oil prices and reduced petroleum product sales following the deregulation of Nigeria's downstream petroleum market in 2024.
Despite the revenue contraction, NNPC recorded improvements in key financial indicators, including a 22% rise in earnings before interest, taxes, depreciation, and amortization to N18 trillion. Earnings per share increased by 32% to N35.9, while operating cash flow grew by 16% to N12.8 trillion. The company's return on equity improved by 200 basis points to 16%, indicating a two-percentage-point increase over the previous year.
NNPC's operational performance was supported by increased crude oil, condensate, and natural gas production. Average crude oil and condensate production reached 1.77 million barrels per day, the highest level in five years. Natural gas production averaged 7.2 billion standard cubic feet per day, marking a three-year high. Total crude oil and condensate production increased by 5% to 565.8 million barrels, with NNPC's equity share rising by 11% to 223.7 million barrels.
The company's improved production figures are part of its efforts to expand its upstream operations, develop critical gas infrastructure, and attract investment across Nigeria's oil and gas industry. NNPC completed the River Niger crossing of the Ajaokuta-Kaduna-Kano gas pipeline and achieved full completion of the project's 40-inch, 623-kilometer mainline. The company also commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300 million standard cubic feet per day ANOH Gas Processing Plant to start-up readiness.
NNPC's Group Chief Executive Officer, Bayo Ojulari, attributed the company's performance to improved operational discipline, workforce development, and continued investment in strategic assets. The company recruited 1,023 full-time employees during the year, including over 1,000 graduates deployed following a one-year internship and training program. This is part of NNPC's Talent-to-Value and Fit-for-Future strategy to strengthen its technical and managerial capabilities.
In the area of environmental sustainability and corporate social responsibility, NNPC facilitated 6,028 cataract surgeries and planted 80,000 trees during the reporting period. The company developed its Net Zero 2050 strategy, outlining its long-term approach to reducing emissions and aligning its operations with evolving environmental sustainability requirements. NNPC maintained sustainability reporting under the Oil and Gas Methane Partnership, the Oil and Gas Decarbonization Charter, and the United Nations Global Compact frameworks.
Looking ahead, NNPC plans to increase crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030. The company aims to increase natural gas production to 12 billion standard cubic feet per day by 2030 as part of its efforts to expand gas supply and strengthen Nigeria's position in the energy market. To achieve its production and infrastructure development objectives, NNPC plans to mobilize $60 billion in investments across the upstream, midstream, and downstream segments of the petroleum industry by 2030.
Key points
- NNPC reports a 33% increase in profit after tax to N7.2 trillion for 2025.
- The company declares a dividend of N5.8 trillion, representing a 35% increase.
- NNPC aims to increase crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.
