The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a Profit After Tax (PAT) of N7.2 trillion for the 2025 financial year, representing a significant increase from the previous year’s N5.4 trillion.

The company’s Group Chief Executive Officer, Mr Bayo Ojulari, disclosed the figures during a media briefing in Abuja following the company’s Annual General Meeting and second Earnings Call.

Despite the strong profit performance, NNPC reported a decline in total revenue, which fell from N45.1 trillion in 2024 to N34.5 trillion in 2025.

Profit Growth Despite Lower Revenue

Ojulari attributed the revenue decline to weaker crude oil prices and reduced petroleum product volumes following changes in the downstream petroleum market.

He explained that the company’s improved profitability was driven by stronger operational performance, cost discipline and improved efficiency across its businesses.

“Stronger earnings in spite of these pressures demonstrate the resilience of NNPC Limited’s operations,” Ojulari said.

The company’s earnings per share increased from N27.07 to N35.90, while return on equity improved by two percentage points to 16 per cent.

Dividend and Government Remittances Increase

NNPC said its declared dividend rose by 35 per cent to N5.8 trillion.

The company also reported that taxes, royalties and other payments to government increased by 39 per cent to N22.3 trillion.

Ojulari said the stronger financial position would provide NNPC with greater capacity to invest in the energy sector and support Nigeria’s energy security objectives.

Oil and Gas Production Reach New Highs

The NNPC chief executive said the company achieved improved production performance during the year.

According to him:

• crude oil and condensate production reached a five-year high of 1.77 million barrels per day;
• gas supply increased to a three-year peak of 7.2 billion standard cubic feet per day.

He said increased production would strengthen Nigeria’s position in the global energy market and support domestic industrial development.

Gas Infrastructure Projects Advance

Ojulari said progress had been made on major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) gas pipeline.

He disclosed that the mainline construction had been completed, with remaining work focused on connecting delivery points.

The first planned gas deliveries will begin through Abuja connections, followed by Ajaokuta and Kaduna.

The company expects the pipeline to eventually supply industries and power generation facilities.

OB3 Pipeline Completed

The NNPC CEO also announced the completion of the Obiafu-Obrikom-Oben (OB3) gas pipeline after years of construction challenges.

The project is considered important for improving gas transportation capacity and strengthening Nigeria’s domestic gas network.

Refineries Rehabilitation and Partnership Plans

On Nigeria’s refineries, Ojulari said potential technical equity partners had completed a three-month assessment of NNPC refinery operations.

He said more than 34 engineers participated in the review process.

According to him, NNPC is currently finalising the assessment report and developing a strategy aimed at creating profitable and sustainable refinery operations.

The company’s goal, he said, is to ensure refineries operate efficiently without depending on continuous government support.

NNPC Sets Higher Production Targets

Ojulari reaffirmed the company’s ambition to increase crude oil output.

The targets include:

Oil production:

• 2 million barrels per day by 2027
• 3 million barrels per day by 2030

Gas production:

• 10 billion cubic feet per day by 2027
• 12 billion cubic feet per day by 2030

He said NNPC plans to attract more than $60 billion in investment across Nigeria’s energy value chain.

Investment in Human Capital

The company also highlighted its workforce development programme.

Ojulari said more than 1,000 newly recruited professionals joined NNPC in 2025 under the company’s Talent to Value programme.

The recruits completed a one-year internship and training programme before deployment across different areas of the organisation.