The Nigerian National Petroleum Company Limited (NNPCL) recorded a profit after tax of ₦7.2 trillion in 2025, strengthening its financial performance despite lower revenue and persistent challenges in the oil and gas industry.
The company’s audited financial statements, released on September 29, showed that profit increased from ₦5.4 trillion in 2024. Revenue, however, declined as lower crude oil prices and reduced sales volumes affected earnings.
An assessment of the company’s financial performance indicates that the improvement in profitability was supported by stronger cost management and operational efficiency under Group Chief Executive Officer Bayo Ojulari, who assumed office in April 2025.
The company’s 2025 results also showed an improvement in crude oil and condensate production. Nigeria recorded average output of approximately 1.77 million barrels per day, its highest level in five years, reflecting efforts to reduce crude oil theft and improve production across oil assets.
NNPCL has set its sights on increasing national oil production to two million barrels per day in 2027 and three million barrels per day by 2030. Achieving these targets will require sustained investment, improved security around oil infrastructure and fewer operational disruptions.
Despite the gains, the company faces pressure from fluctuating international oil prices, production challenges and the need to maintain transparency in its financial reporting.
The latest results suggest that NNPCL is improving its profitability, but sustaining that progress will depend on stronger operational performance, timely publication of audited accounts and continued accountability to Nigerians.
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