NNPC Posts 33% Profit Rise to $5.43 Billion for 2025 Despite Revenue Decline

Nigeria's state oil company NNPC has reported an after-tax profit of 7.2 trillion naira ($5.43 billion) for 2025, a 33% increase over the previous year, according to Chief Executive Bayo Ojulari.

The profit growth came despite a decline in revenue, which fell to 34.5 trillion naira. Ojulari attributed the drop mainly to lower crude oil prices and weaker product sales following market deregulation.

On the operational side, the company said crude oil and condensate output reached a five-year high of 1.77 million barrels per day at peak production. Gas supply rose to a three-year high of 7.2 billion standard cubic feet per day.

Ojulari credited the results to tighter operational discipline, efficiency gains and continued investment in assets and infrastructure.

NNPC has long been viewed as Nigeria's cash cow, but political interference, corruption allegations and opaque operations have weakened it. Its new leadership faces the task of rebuilding the company while helping to revive the broader economy.

On refining, NNPC said Chinese partners had completed studies on the Port Harcourt and Warri refineries under an existing memorandum of understanding, though no final agreement has been signed.

Security on major oil pipelines has improved significantly with support from community surveillance groups and the military, and several key pipelines are now operating at or near full capacity. Oil theft and vandalism remain challenges on smaller pipelines and wellheads.

To strengthen security further, NNPC is deploying fibre-optic monitoring systems, intrusion-detection technology and wellhead protection systems.

The naira conversion used was $1 = 1,325.85.