NNPC Rakes In ₦7.2trn Profit, Declares ₦5.8trn Dividend As Oil Production Hits 5-Year High

• NNPC Limited’s profit after tax rose 33 percent to ₦7.2 trillion in 2025, from ₦5.4 trillion in 2024, even as revenue fell 24 percent to ₦34.5 trillion amid lower crude oil prices and reduced white-product volumes following downstream market deregulation.

• The company declared a ₦5.8 trillion dividend, representing a 35 percent increase, as earnings before interest, taxes, depreciation and amortisation rose 22 per cent to ₦18 trillion, while operating cash flow climbed 16 percent to ₦12.8 trillion.

• Crude oil and condensate production averaged 1.77 million barrels per day, the highest level in five years, with total production rising five percent to 565.8 million barrels. Natural gas output also reached a three-year high of 7.2 billion standard cubic feet per day.

• NNPC is targeting 2 million barrels per day of crude production by 2027 and 3 million barrels per day by 2030, alongside 12 billion standard cubic feet per day of gas production and $60 billion in upstream, midstream and downstream investments by 2030.

September 29, () – The Nigerian National Petroleum Company (NNPC) Limited has recorded a profit after tax of ₦7.2 trillion for the financial year ended December 31, 2025, representing a 33 percent increase from the ₦5.4 trillion posted in 2024.

The national oil company also declared a ₦5.8 trillion dividend, a 35 percent increase over the previous year, as higher production and improved earnings strengthened its financial performance.

NNPC announced the results on Tuesday following its Annual General Meeting and second Earnings Call with financial and business analysts.

The company said the audited results demonstrated growing earnings capacity and improved operational momentum, providing a stronger platform for future growth.

Despite the increase in profit, revenue declined by 24 percent to ₦34.5 trillion.

NNPC attributed the revenue decline principally to lower crude oil prices and reduced white-product volumes following the deregulation of the downstream petroleum market in 2024.

The company, however, said the increase in earnings despite the revenue pressure demonstrated the resilience of its operations.

Key financial indicators also recorded significant growth during the year.

EBITDA increased by 22 percent to ₦18 trillion, while earnings per share rose 32 percent to ₦35.9. Operating cash flow grew by 16 percent to ₦12.8 trillion, while return on equity improved by 200 basis points to 16 percent.

The company said the stronger financial position supported the increase in dividend to ₦5.8 trillion.

Oil Production Hits Five-Year High

On the operational front, NNPC said crude oil and condensate production averaged 1.77 million barrels per day in 2025, representing its highest level in five years.

Total oil and condensate production stood at 565.8 million barrels, an increase of five percent over the previous year.

NNPC Limited’s equity share of the production increased by 11 percent to 223.7 million barrels.

Natural gas production also recorded significant growth during the year, with average output reaching 7.2 billion standard cubic feet per day, the highest level in three years.

Total natural gas production rose by 9 percent to 2,606.2 billion standard cubic feet, while NNPC’s equity share increased by 11 percent to 1,154.9 billion standard cubic feet.

The company said the improved production performance was supported by progress across its upstream, midstream and downstream portfolio.

Among the infrastructure milestones recorded during the year was the completion of the River Niger crossing for the Ajaokuta-Kaduna-Kano gas pipeline project and full completion of the 40-inch, 623-kilometre AKK mainline.

NNPC 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.

The company disclosed that it acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model as part of its strategy for refinery reform.

Targets 2m/bpd By 2027

Looking ahead, NNPC said it was targeting a further increase in oil and gas production as part of its next phase of growth.

The company plans to raise crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030. It is also targeting natural gas production of 12 billion standard cubic feet per day by 2030.

To support the expansion, NNPC said it plans to mobilise $60 billion in investments across the upstream, midstream and downstream sectors by 2030.

It also plans to complete major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano pipeline, the Escravos-Lagos Pipeline System and the Obiafu-Obrikom-Oben pipeline.

NNPC Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, said the 2025 performance demonstrated the impact of disciplined execution and a capable workforce.

“Our 2025 performance shows what disciplined execution and a capable workforce can deliver. 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”, Ojulari said.

Sustainability

On sustainability and social investments, NNPC said it completed 6,028 cataract surgeries and planted 80,000 trees during the year.

It also developed its Net Zero 2050 strategy and maintained reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.

The company said the 2025 audited financial statements are available on its official website.

Established in 1977, NNPC Limited became a fully commercial, profit-driven company in July 2022 following the Petroleum Industry Act. The company operates across exploration, production, refining and distribution and said its objective is to create sustainable value for shareholders while strengthening energy security for Nigeria and Africa.