NNPC Profit Up 33% to N7.2tn in 2025 Despite Revenue Drop
By Aboki Forex —
NNPC has reported a 2025 after-tax profit of N7.2 trillion ($5.43 billion), up 33% from the previous year. Chief Executive Bayo Ojulari announced the result on Tuesday, saying it came despite lower revenue.
The state oil company earned N34.5 trillion in revenue, down from the prior year. Ojulari told reporters the decline was mainly due to lower crude oil prices and weaker product sales following market deregulation.
Profit Grows as Revenue Falls
The profit increase came even as revenue fell. NNPC has long been seen as Nigeria's cash cow. It has also been weakened by political interference, corruption allegations and opaque operations. The new leadership is tasked with rebuilding the company and helping revive the broader economy.
Ojulari credited the performance to tighter operational discipline, efficiency gains and continued investment in assets and infrastructure.
Output and Gas Supply Hit Multi-Year Highs
Crude oil and condensate output reached a five-year high of 1.77 million barrels per day at peak output. Gas supply rose to a three-year high of 7.2 billion standard cubic feet per day, the company said.
The output numbers point to stronger operations at a time when revenue still faced pressure from prices and product sales.
Refineries and Pipeline Security
NNPC said Chinese partners had completed studies on the Port Harcourt and Warri refineries under an existing memorandum of understanding. No final agreement has been signed.
Security on major oil pipelines has improved significantly with support from community surveillance groups and the military. Several key pipelines are operating at or near full capacity. Oil theft and vandalism remain challenges on smaller pipelines and wellheads.
NNPC is deploying fibre-optic monitoring systems, intrusion-detection technology and wellhead protection systems to strengthen security.
What It Means for Nigeria
NNPC remains central to Nigeria's finances and the economy. A higher profit and stronger output can support government revenue and the naira. But the fall in revenue shows the company still depends on crude oil prices and product sales. Pipeline theft and vandalism also remain risks. The refinery studies are not yet a final agreement, so they do not translate into immediate refining capacity.