By Saminu Ibrahim
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a 33 per cent increase in profit after tax (PAT), rising from N5.4 trillion in 2024 to N7.2 trillion in 2025.
The company disclosed this in its audited financial results for the year ended December 31, 2025, released after its Annual General Meeting and second earnings call with financial and business analysts.
Despite a 24 per cent decline in revenue to N34.5 trillion, NNPC Ltd said its 2025 performance reflected stronger earnings capacity and operational resilience amid lower crude oil prices and reduced white product volumes following market deregulation in 2024.
The company’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose by 22 per cent to N18 trillion, while earnings per share increased by 32 per cent to N35.9.
Operating cash flow also grew by 16 per cent to N12.8 trillion, while return on equity improved by two percentage points to 16 per cent.
NNPC Ltd declared a dividend of N5.8 trillion, representing a 35 per cent increase over the previous year.
Oil, Gas Production Rise
The company said crude oil and condensate production averaged 1.77 million barrels per day in 2025, the highest level recorded in five years.
Natural gas production also averaged 7.2 billion standard cubic feet per day, representing a three-year high.
Total oil and condensate production stood at 565.8 million barrels, up five per cent, while NNPC Ltd’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 also announced progress on major infrastructure projects, including the completion of the AKK River Niger crossing and the 623-kilometre, 40-inch Ajaokuta-Kaduna-Kano (AKK) mainline.
NNPC Ltd 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.
It also acquired 500 compressed natural gas (CNG)-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform programme.
NNPC Employs 1,023 Staff
On workforce development, NNPC Ltd said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates who were deployed after completing a one-year internship and training programme.
Women now account for 23 per cent of leadership positions in the company, compared with an industry average of 17 per cent, according to the statement.
Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, said the company’s performance demonstrated the impact of disciplined execution and a capable workforce.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
He added that the company was strengthening earnings, increasing production and investing in people and assets to sustain value for shareholders, communities and Nigerians.
Targets 2m bpd Oil Production by 2027
Looking ahead, NNPC Ltd said it was targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
The company also plans to increase natural gas production to 12 billion standard cubic feet per day by 2030.
It said it would seek to mobilise $60 billion in upstream, midstream and downstream investments by 2030, while completing major gas infrastructure projects, including AKK, ELPS and OB3.
On sustainability, NNPC Ltd said it completed 6,028 cataract surgeries, planted 80,000 trees and developed its Net Zero 2050 strategy.
It also maintained reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
