KEY POINTS
- NNPC’s 2025 profit rose 33% to ₦7.2 trillion.
- Oil and condensate output reached 1.77 million barrels daily.
- NNPC declared a ₦5.8 trillion dividend.
NNPC Limited recorded a 33% increase in profit after tax to ₦7.2 trillion in 2025, even as lower crude oil prices and reduced white product volumes pushed revenue down during the year.
The state-owned energy company also declared a ₦5.8 trillion dividend, while crude oil and condensate production reached its highest level in five years. According to NNPC Limited’s audited results for the year ended December 31, 2025, profit after tax increased from ₦5.4 trillion in 2024 to ₦7.2 trillion.
Revenue, however, declined 24% to ₦34.5 trillion, mainly because of lower crude oil prices and reduced volumes of refined petroleum products following the deregulation of the downstream market in 2024.
Despite the revenue decline, NNPC’s earnings and cash generation improved. EBITDA rose 22% to ₦18 trillion, while operating cash flow increased 16% to ₦12.8 trillion.
Earnings per share also climbed 32% to ₦35.90, while return on equity improved by two percentage points to 16%.
The company declared a ₦5.8 trillion dividend, representing a 35% increase from the previous year.
Oil production hits five-year high
NNPC’s operational performance improved alongside its financial results.
Crude oil and condensate production averaged 1.77 million barrels per day in 2025, the company’s highest average level in five years.
Total oil and condensate production reached 565.8 million barrels, representing a 5% increase. NNPC Limited’s equity share rose 11% to 223.7 million barrels.
Natural gas production also recorded strong growth. Total output reached 2,606.2 billion standard cubic feet, up 9% from the previous year.
NNPC’s equity share of gas production increased 11% to 1,154.9 billion standard cubic feet. NNPC said several major infrastructure projects also progressed during the year.
The company completed the River Niger crossing section of the Ajaokuta-Kaduna-Kano gas pipeline and achieved full completion of the 40-inch, 623-kilometer Ajaokuta-Kaduna-Kano 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.
NNPC also acquired 500 compressed natural gas-powered trucks as part of efforts to strengthen gas utilisation and transportation.
The company further adopted a Technical Equity Partnership Model as part of its approach to refinery rehabilitation and development. The company said its workforce transformation programme remained a key part of its growth strategy.
NNPC 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 accounted for 23% of leadership positions, compared with an industry average of 17%, according to the company.
NNPC said its Talent-to-Value and Fit-for-Future strategies are focused on combining experienced personnel with emerging talent while improving digital capabilities and international exposure.
Group Chief Executive Officer Bashir Bayo Ojulari said the company’s 2025 performance demonstrated the impact of disciplined execution and a capable workforce. NNPC is targeting further increases in oil and gas production over the next four years.
The company plans to raise crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. Natural gas production is also targeted at 12 billion standard cubic feet per day by 2030.
To support these ambitions, NNPC plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030.
The company 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.
