The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a profit after tax of N7.2 trillion for the 2025 financial year, representing a 33% increase from N5.4 trillion in 2024. This growth in profit was achieved despite a decline in revenue to N34.5 trillion, down from N45.1 trillion in 2024. The company's group chief executive officer, Bayo Ojulari, attributed the revenue decline to lower crude oil prices and reduced product volumes due to market regulation and subsidy removal.
According to Ojulari, the company's profit growth was driven by improved operational efficiency and discipline across its businesses. Taxes, royalties, and other remittances to the government increased by 39% to N22.3 trillion. The company's earnings per share also rose to N35.9 from N27.07. Ojulari highlighted that the company's stronger performance would enable it to invest more, contribute to public revenue, and strengthen Nigeria's energy security.
NNPC Ltd achieved significant milestones in production, with crude oil and condensate production reaching a five-year high of 1.77 million barrels per day at its peak. Gas supply also hit a three-year high of 7.2 billion standard cubic feet per day. The company's CEO emphasized that these achievements demonstrate its capacity to drive growth and contribute to Nigeria's energy security.
On infrastructure development, Ojulari announced that the main line of the Ajaokuta-Kaduna-Kano gas pipeline has been completed, with work underway on tie-ins to delivery points, starting with Abuja, then Ajaokuta and Kaduna. The next milestone is expected to be gas flowing through the line into industry and power. Additionally, the company completed the Obiafu-Obrikom-Oben (OB3) gas pipeline, which connects gas sources to markets.
NNPC Ltd is also making progress on its refinery rehabilitation plans, with prospective partners under its technical equity partnership model completing a three-month onsite review with over 34 engineers. The company is now concluding the report, with the aim of achieving self-sustaining and profitable refineries. Ojulari stated that a pathway to achieving this goal would be defined "very soon".
The company has set ambitious targets for growth, including increasing crude oil production to 2 million barrels per day by 2027 and 3 million by 2030. Gas production targets are 10 billion cubic feet per day by 2027 and 12 billion by 2030. NNPC plans to mobilize over $60 billion of investment across the energy value chain to achieve these goals.
In terms of human capital development, Ojulari disclosed that over 1,000 newly employed professionals joined NNPC last year under its Talent to Value programme, completing a one-year internship and training before being deployed across the company. He also noted that women hold more than 23% of leadership positions at NNPC, against a global industry average of 17%. Ojulari emphasized that the company's people were instrumental in delivering the 2025 results.
Key points
- NNPC Ltd's profit after tax surged 33% to N7.2 trillion in 2025, driven by operational efficiency despite revenue decline.
- The company achieved significant milestones in production, with crude oil and condensate production reaching a five-year high.
- NNPC Ltd plans to mobilize over $60 billion of investment across the energy value chain to achieve its growth targets.
