Nigeria State Oil Firm Margins Compress to $335m Despite Peak Production

NNPCL’s monthly revenue declined 12.8% to N4.335 trillion ($3.14 billion) in May 2026, down from April’s N4.97 trillion.

Profit after tax fell 4% to N462 billion ($334.78 million) from N481 billion recorded the previous month.

The financial downturn occurred despite Nigeria’s combined oil and condensate output hitting a 15-month high of 1.7 million bpd.

Analysts blame market fluctuations, asset bottlenecks, and downstream distribution shortfalls for the national oil firm's compressed profit margins.

Nigeria State Oil Firm Margins Compress to $335m Despite Peak Production

NNPCL’s monthly revenue declined 12.8% to N4.335 trillion ($3.14 billion) in May 2026, down from April’s N4.97 trillion.

Profit after tax fell 4% to N462 billion ($334.78 million) from N481 billion recorded the previous month.

The financial downturn occurred despite Nigeria’s combined oil and condensate output hitting a 15-month high of 1.7 million bpd.

Analysts blame market fluctuations, asset bottlenecks, and downstream distribution shortfalls for the national oil firm's compressed profit margins.

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