By Damilola Samuel
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded N7.2 trillion profit after tax in 2025, even as its revenue fell by 23.4 per cent to N34.5 trillion.
The company disclosed this on Tuesday, saying its profit increased by 33 per cent from the N5.4 trillion recorded in 2024, while remittances to the Federal Government rose by 39 per cent to N22.3 trillion.
NNPC Ltd attributed the improved profit to stronger operational efficiency and cost discipline despite lower crude oil prices and reduced white-product volumes following market deregulation.
Its Group Chief Executive Officer, Bayo Ojulari, said the company’s improved financial performance was supported by higher production and better operational delivery.
“The numbers matter because of what they enable. Stronger performance gives NNPC Limited more capacity to invest, contribute to public revenues and strengthen Nigeria’s energy security. It also gives us a higher standard to meet next year,” Ojulari said.
The company reported crude oil and condensate production reaching a peak of 1.77 million barrels per day in 2025, described as a five-year high.
During the year, NNPC said it produced 565.8 million barrels of crude oil, supplying 278.2 million barrels to domestic refineries.
Natural gas production also reached 7.2 billion standard cubic feet per day at its peak, while 473.3 billion standard cubic feet of gas was supplied to power plants and commercial customers.
Ojulari said the company was also investing in its workforce, with more than 1,000 newly recruited professionals completing a one-year training and internship programme before being deployed across the organisation.
He disclosed that women now occupy 23 per cent of leadership positions in NNPC Ltd, compared with an industry average of 17.6 per cent.
On infrastructure, the GCEO said work was continuing on the Ajaokuta-Kaduna-Kano and Obiafu-Obrikom-Oben gas pipelines, which he described as important to expanding gas supply to industries and the power sector.
He also said efforts were ongoing to revive the country’s refineries through the company’s Technical Equity Partnership model, with prospective partners conducting due diligence on the facilities.
Ojulari stressed that the refineries would not be reopened until the outstanding issues affecting their commercial and sustainable operation had been resolved.
Looking ahead, NNPC Ltd is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030, alongside gas production targets of 10 billion and 12 billion standard cubic feet per day respectively.
The company also plans to mobilise $60 billion in investment across the energy value chain by 2030.
Ojulari said achieving the targets would depend on capital, partnerships and disciplined execution.
