Nigeria’s state oil company, NNPC Limited, posted a 7.2 trillion Naira ( roughly $4.7 billion) profit after tax for 2025, up 33% from a year earlier.
The figures come from NNPC Limited’s 2025 audited financial statements and official press release after its annual meeting and second earnings call on Wednesday.
Revenue fell 24% to N34.5 trillion. Management blamed weaker crude prices and lower fuel volumes after petrol market deregulation in October 2024.
Earnings before interest, tax, depreciation and amortization rose 22 % to N18.0 trillion. Earnings per share increased 32% to N35.9.
Operating cash flow grew 16% to N12.8 trillion. Return on equity improved by two percentage points, to 16%.
The board declared a N5.8 trillion dividend, up 35%. Taxes, royalties and other payments to the Nigerian government rose 39% to N22.3 trillion.
Crude oil and condensate output peaked at 1.77 million barrels a day, a five-year high. Full-year volumes totalled 565.8 million barrels, about 1.55 million barrels a day
NNPC Limited’s own equity share of oil and condensate rose 11% to 223.7 million barrels. Natural gas output averaged 7.2 billion cubic feet a day, a three-year high.
Gas production totaled 2,606.2 billion cubic feet, up 9%. The company’s equity gas share also rose 11%, to 1,154.9 billion cubic feet.
NNPC Limited, Nigeria’s state oil company and one of Africa’s largest energy firms and remains wholly owned by the Nigerian government after its 2022 conversion into a commercial limited company.
Group Chief Executive Bashir Bayo Ojulari, appointed in April 2025 by President Bola Tinubu, said the result showed what disciplined execution and a capable workforce can deliver.
NNPC said it completed the River Niger crossing and the 623-kilometre Ajaokuta-Kaduna-Kano gas mainline. Its 300 million cubic feet a day ANOH gas plant neared start-up.
In 2024, NNPC reported N5.4 trillion ($3.5 billion) profit on N45.1 trillion revenue, up 64% and 88% from 2023.
That earlier jump followed the 2022 commercialisation. Profit still rose in 2025 even after Nigeria ended residual petrol subsidies and NNPC quit as sole middleman to the Dangote refinery.
The company now targets 2 million barrels a day of crude by 2027 and 3 million by 2030. Gas output is slated to reach 12 billion cubic feet a day by 2030.
NNPC also plans to raise $60 billion for upstream, midstream and downstream projects by 2030, including remaining gas links on the AKK, ELPS and OB3 systems.
