Nigeria’s state energy firm, NNPC Limited, has reported a record net profit of ₦7.2 trillion ($4.8bn) for the 2025 financial year, driven by a surge in oil and natural gas output to multi-year highs.
In its audited financial results presented on Tuesday in Abuja, the company disclosed a 33% increase in profit after tax from ₦5.4 trillion recorded in 2024. The board subsequently declared a ₦5.8 trillion dividend payout to shareholders, representing a 35% year-on-year increase.
The financial performance comes despite a 24% decline in overall annual revenue to ₦34.5 trillion, attributed to lower global crude oil prices and reduced volumes of domestic white petroleum products following energy sector deregulation.
Key highlights from the energy company’s annual financial and operational performance include:
- Production Surge: Combined crude oil and condensate production reached a five-year high, averaging 1.77 million barrels per day (bpd), while natural gas output hit a three-year peak at 7.2 billion standard cubic feet per day (bscfd).
- Infrastructure Progress: The firm confirmed full completion of the 623-kilometre Ajaokuta–Kaduna–Kano (AKK) gas mainline—including the River Niger pipeline crossing—and advanced the ANOH gas processing facility to start-up readiness.
- Capital Investments & Targets: NNPC Limited reiterated plans to mobilize $60bn in total portfolio investments by 2030, targeting crude oil production of 2 million bpd by 2027 and 3 million bpd by 2030.
- Workforce & Sustainability: The state oil company expanded its staff by 1,023 full-time employees, increased female representation in corporate leadership positions to 23%, and reaffirmed its Net Zero 2050 decarbonization commitments.
Group Chief Executive Officer Engr. Bashir Bayo Ojulari stated that disciplined execution and operational resilience allowed the company to deliver strong returns while laying the groundwork for long-term energy security in West Africa.
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