By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a profit after tax of ₦7.2 trillion in 2025, representing a 33 per cent increase from ₦5.4 trillion reported in 2024.
The company’s revenue stood at ₦34.5 trillion, a 24 per cent decline from the previous year, which it attributed mainly to lower crude oil prices and reduced white-product volumes following market deregulation in 2024.
Despite the decline in revenue, earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 22 per cent to ₦18 trillion, while earnings per share rose by 32 per cent to ₦35.9.
Operating cash flow grew by 16 per cent to ₦12.8 trillion, while return on equity increased by two percentage points to 16 per cent. The company also declared a dividend of ₦5.8 trillion, up 35 per cent from the previous year.
Production Rises
NNPC said crude oil and condensate production averaged 1.77 million barrels per day in 2025, its highest level in five years.
Natural gas production averaged 7.2 billion standard cubic feet per day, representing a three-year high.
Total oil and condensate production rose by five per cent to 565.8 million barrels, while NNPC’s equity share increased by 11 per cent to 223.7 million barrels.
Natural gas production rose by nine per cent to 2,606.2 billion standard cubic feet, with the company’s equity share increasing by 11 per cent to 1,154.9 billion standard cubic feet.
The company said it completed the River Niger crossing section of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the 40-inch, 623-kilometre mainline.
It 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.
Other developments included the acquisition of 500 compressed natural gas-powered trucks and the adoption of a Technical Equity Partnership Model for refinery rehabilitation.
Workforce and Sustainability
NNPC said it employed 1,023 full-time staff in 2025, including more than 1,000 graduates deployed after completing a one-year internship and training programme.
Women accounted for 23 per cent of leadership positions, compared with an industry average of 17 per cent, according to the company.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Group Chief Executive Officer, Bashir Bayo Ojulari, said.
“We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”
On sustainability, NNPC said it completed 6,028 cataract surgeries, planted 80,000 trees and developed its Net Zero 2050 strategy.
The company also maintained reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
2030 Targets
NNPC said it is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
It also plans to increase natural gas production to 12 billion standard cubic feet per day by 2030 and mobilise $60 billion in upstream, midstream and downstream investments over the period.
The company said it plans to complete major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) gas pipeline.
