The Nigerian National Petroleum Company (NNPC) Limited recorded a 33 per cent increase in profit after tax to N7.2tn in 2025, despite a 24 per cent decline in revenue to N34.5tn.
The company’s latest financial results showed that profit after tax rose from N5.4tn recorded in 2024, while earnings per share increased by 32 per cent to N35.90.
NNPC attributed the revenue decline to lower crude oil prices and reduced volumes of white products following the deregulation of the petrol market in October 2024.
The deregulation also ended NNPC’s previous bulk-breaking role in the downstream petroleum market.
Despite the fall in revenue, the company recorded stronger operational and cash-flow performance during the year. Earnings before interest, taxes, depreciation and amortisation rose by 22 per cent to N18tn, while operating cash flow increased by 16 per cent to N12.8tn.
The company also reported that taxes, royalties and other remittances to the Federal Government rose by 39 per cent to N22.3tn.
The improved profitability was attributed to enhanced operational efficiency, fiscal discipline and stronger performance across its business units.
NNPC also reported that crude oil and condensate production reached a five-year peak of 1.77 million barrels per day, while domestic gas supply rose to a three-year high of 7.2 billion standard cubic feet per day.
The company said increased production was supported by investments in asset integrity, infrastructure and project execution.
NNPC also outlined production targets of two million barrels of crude oil per day by 2027 and three million barrels per day by 2030.
For natural gas, the company is targeting production of 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030.
The company said achieving the targets would require more than $60bn in investment across the energy value chain.
On the state-owned refineries, NNPC said it had made progress through its technical equity partnership model after conducting a three-month on-site due diligence exercise involving more than 34 senior engineers.
The company said the objective was to establish a pathway towards making the refineries self-sustaining, profitable and commercially viable.
NNPC also said it was focused on expanding gas infrastructure to connect available gas resources to industries and power projects, with the aim of supporting industrialisation and economic growth.
“We have carried out a three-month intrusive on-site due diligence with over 34 of our top engineers, and we are now looking at concluding that report. And the objective remains the same. What we want going forward is to have refinery that is self-sustaining, that is profitable, and is sustainable.
“We believe that a not-too-distant future will be able to define that pathway forward. We learned a lot through those onsite visits, and I think we are more confident that we’ll have a pathway very soon in terms of how to bring the refinery back to sustainable and profitable operation.
“Our ambitions are specific and measurable. Crude oil production of 2 million barrels by 2027 and 3 million barrels by 2030. Natural gas production of 10 BCF by 2027 and 12 BCF by 2030. And underpinned by the mobilisation of over $60 billion of investment across the energy value chain. These numbers are quite staggering, and they are challenging. We’re not afraid.
“We believe that with the right ambition, we can mobilise the right focus, the right energy towards attaining those ambitions. If you put your ambitions low, that means your own resources will be low. Nigeria deserves more,” he added.
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