Nigeria’s oil industry closed 2025 with a stronger financial showing from its national oil company, as the Nigerian National Petroleum Company Limited increased its profit after tax by 33 per cent to N7.2tn.
The result is a N1.8tn increase from the N5.4tn profit recorded in 2024, achieved despite lower international crude oil prices and a decline in product volumes during the year.
NNPC Limited also generated N34.5tn in revenue, while earnings per share stood at N35.9. Its financial contribution to government rose even more sharply, with taxes, royalties and other remittances increasing by 39 per cent to N22.3tn.
The figures were disclosed by NNPC Limited Group Chief Executive Officer, Bayo Ojulari, in Abuja on Tuesday during a presentation of the company’s audited 2025 financial results, operational achievements and strategic direction.
What makes the performance notable is the environment in which it was delivered. Falling crude prices put pressure on revenue, while changes in Nigeria’s domestic petroleum market following the removal of subsidy contributed to reduced product volumes.
Yet, the pressure on revenue did not translate into weaker profitability.
Ojulari said improvements in the way NNPC operated, combined with greater financial discipline across its businesses, helped the company expand its profit despite the challenging conditions.
The operational numbers also moved in a positive direction. Crude oil and condensate production peaked at 1.77 million barrels per day in 2025, marking the company’s highest level in five years. Gas supply reached 7.2 billion standard cubic feet per day, its strongest level in three years.
Higher profitability provides greater room for investment across its businesses, while the increase in government remittances strengthens its contribution to public finances. Improved oil and gas output also has implications for Nigeria’s energy security.
Ojulari said the gains reflected sustained attention to the company’s assets and infrastructure, alongside a focus on delivering measurable results.
The stronger performance also creates a higher benchmark for the national oil company. Management now faces the task of maintaining the gains and improving on them in subsequent financial years.
“As we deliver exceptional results, the following year we strive to even beat those records,” Ojulari said.
He acknowledged that achieving stronger results also raises expectations and requires NNPC to build the capacity necessary to sustain its performance.
“So having a good performance is not just easy. It means that the bar has been set one level higher. So we now need to focus on building the capacity to deliver,” he said.
The 2025 results show an NNPC that expanded profit and improved key production indicators while operating under revenue pressures. However, the company did not disclose a breakdown of the individual business segments responsible for the increase in profit.
The headline figures remain substantial: N7.2tn in profit after tax, N34.5tn in revenue, N22.3tn in taxes, royalties and other government remittances, crude oil and condensate production peaking at 1.77 million barrels per day, and Nigerian gas supply reaching 7.2 billion standard cubic feet per day.
Together, they mark a significant financial and operational year for Nigeria’s national oil company and establish a higher performance threshold for the years ahead.