The Nigerian National Petroleum Company (NNPC) Limited reported a March 2026 profit of N276 billion, a 102% monthly increase, as Nigeria positions itself to fill global energy gaps.
This financial rebound, disclosed on May 4 in NNPC monthly report, was powered by gas production hitting a 12-month peak of 7,731 mmscf/d. This surge comes as international buyers seek alternatives to Middle Eastern supplies.
The performance signals a shift in the state oil firm’s profitability. Monthly revenue climbed to N2.774 trillion, despite crude sales dipping to 17.37 million barrels due to local logistical constraints.
Heightened global demand has pushed Brent crude prices toward $110 per barrel. NNPC’s increased output allowed the company to remit N2.888 trillion to the Nigerian Federation in the first quarter.
Operational gains were bolstered by the early completion of maintenance at the Bonga deepwater field. The project finished 12 days ahead of schedule, providing much-needed stability to national export volumes.
The performance follows a period of intense scrutiny over Nigeria’s oil production. In late 2025, the country struggled to meet OPEC+ quotas due to persistent theft and aging infrastructure.
However, infrastructure remains a bottleneck. A leak on the Trans Forcados Pipeline curtailed production for five weeks, ending in late March, highlighting the fragility of the country’s onshore delivery systems.
While these provisional figures offer hope for fiscal stability, the World Bank warns that rising energy costs are fueling a 24% surge in global commodity prices, intensifying inflationary pressures.
