Nigeria’s NNPC Reports $4.2 Billion After-Tax Profit as Output Averages 1.62 Million bpd in 2025

ABUJA – Nigerian National Petroleum Company Limited reported an after-tax profit of 5.760 trillion naira, equivalent to approximately $4.26 billion, for the 2025 financial year, as Africa’s largest oil producer maintained average crude and condensate output of 1.62 million barrels per day.

The state-owned energy company disclosed total revenue of 60.517 trillion naira for the year. Statutory payments to government agencies and joint venture partners amounted to 14.706 trillion naira.

NNPC did not provide comparative figures for the previous year in its provisional results, which remain subject to reconciliation with stakeholders.

December Production Dip

Crude and condensate output declined slightly in December, averaging 1.54 million barrels per day. The company attributed the decrease to scheduled maintenance and unplanned outages.

Revenue for December stood at 4.824 trillion naira.

Natural gas supply during the same period averaged more than 6.914 billion standard cubic feet per day, reflecting continued emphasis on gas development as Nigeria seeks to expand domestic supply and exports.

Refining and Infrastructure Performance

NNPC said downstream performance improved in December. Nigerian Refining Limited stations recorded 65 percent petrol availability, marking an increase from earlier periods.

Upstream infrastructure performance remained stable, with pipeline systems reporting 100 percent availability.

The company also highlighted progress on key gas infrastructure projects. Mainline welding on the Ajaokuta-Kaduna-Kano gas pipeline was completed in December, while pilot hole drilling continued on the Obiafu-Obrikom gas pipeline.

Sector Context

Nigeria remains Africa’s largest oil producer, although output has fluctuated in recent years due to pipeline vandalism, theft, operational disruptions and underinvestment. The 2025 performance comes as the government continues efforts to stabilize production and strengthen revenue collection amid broader fiscal reforms.

At an exchange rate of 1,353.0500 naira per dollar, NNPC’s reported after-tax profit underscores the continued importance of hydrocarbons to Nigeria’s public finances.

All figures, the company said, remain provisional pending final reconciliation.

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