The Nigerian National Petroleum Company Limited has announced its audited results for the year ended December 31, 2025. The company's profit after tax rose 33% to ₦7.2 trillion from ₦5.4 trillion in 2024. Revenue stood at ₦34.5 trillion, a 24% drop from the previous year due to lower crude oil prices and reduced white product volumes following market deregulation in 2024.
Despite the revenue drop, the company demonstrated resilience in its operations. EBITDA rose 22% to ₦18.0 trillion, while earnings per share increased 32% to ₦35.9. Operating cash flow grew 16% to ₦12.8 trillion, and return on equity improved by 200 basis points to 16%. The declared dividend also increased 35% to ₦5.8 trillion.
Crude oil and condensate production averaged 1.77 million barrels per day, the highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high. Oil and condensate production totalled 565.8 million barrels, up 5%, with NNPC Limited's equity share increasing 11% to 223.7 million barrels.
The company made significant progress across its portfolio, including the completion of the AKK River Niger crossing and the full completion of the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline. NNPC Limited also commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness.
In a move to boost its operations, NNPC Limited acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform. The company also focused on building its workforce, employing 1,023 full-time employees in 2025, including over 1,000 graduates who completed a rigorous one-year internship and training programme.
The company prioritized diversity and inclusion, with women now holding 23% of leadership positions, compared to an industry average of 17%. NNPC Limited's talent-to-value transformation aims to combine experience with emerging talent, expanding digital and international exposure, and strengthening capabilities required for sustained growth.
Looking ahead, NNPC Limited targets crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030. The company plans to mobilise $60 billion in upstream, midstream, and downstream investments by 2030 and complete major gas infrastructure projects.
Key points
- NNPC Limited reports 33% increase in profit after tax to ₦7.2 trillion.
- Crude oil and condensate production averaged 1.77 million barrels per day in 2025.
- The company targets crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
