NNPC Limited has announced audited results for the year ended 31 December 2025, following its Annual General Meeting and second Earnings Call with financial and business analysts, which held in Nigeria’s federal capital, abuja, on tuesday.
Profit After Tax according to the NNPC report rose 33% to ₦7.2 trillion from ₦5.4 trillion in 2024, while revenue stood at ₦34.5 trillion. Revenue the NNPC says declined 24%, principally reflecting lower crude oil prices and reduced white product volumes following market deregulation in 2024. Stronger earnings despite this pressure demonstrate the resilience of NNPC Limited’s operations.
The report also indicated that EBITDA rose 22% to ₦18.0 trillion; Earnings Per Share increased 32% to ₦35.9; operating cash flow grew 16% to ₦12.8 trillion; while Return on Equity improved by 200 basis points to 16%; and the declared dividend increased 35% to ₦5.8 trillion according to the released data.
The report further indicated that Crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.
Oil and condensate production totalled 565.8 million barrels, up 5%, with NNPC Limited’s equity share increasing 11% to 223.7 million barrels. Natural gas production reached 2,606.2 billion standard cubic feet, up 9%, while its equity share rose 11% to 1,154.9 billion standard cubic feet.
Progress across the portfolio included completion of the AKK River Niger crossing and full completion of the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline. NNPC Limited the report also disclosed commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness. It also acquired 500 CNG-powered trucks, and adopted a Technical Equity Partnership Model for its refinery reform the report further emphasised.
NNPC Limited’s talent-to-value transformation within the period under review built a workforce which the company says was needed to deliver its commercial priorities. In 2025, the Company noted that it employed 1,023 full-time employees including over 1,000 graduates who were recently deployed following a rigorous one-year internship and training programme. Women according to the NNPC now hold 23% of leadership positions, compared with an industry average of 17%. Through its Talent- to-Value and Fit-for-Future strategy, the Company is combining experience with emerging talent, expanding digital and international exposure, and strengthening the capabilities required for sustained growth.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” said Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited. “We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”
On sustainability, the Company said it completed 6,028 cataract surgeries, planted 80,000 trees, developed its Net Zero 2050 strategy and maintained reporting under Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC), and United Nations Global Compact (UNGC) frameworks.
The outlook according to the released report said NNPC Limited would be entering the next phase of growth with clear production and investment ambitions, declaring that the company is already targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030. The says it plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 and complete major gas infrastructure, including AKK, ELPS and OB3.
The released audited report shows some level of progress made within the period under review however certain issues may need further clarifications as NNPC’s claim of 1.77m bpd average for the year 2025 runs opposite to the NUPRC monthly data for 2024-2025 average at 1.5-1.67m bpd.
