NNPC’s audited results show profit after tax increased 33% from ₦5.4 trillion in 2024 to ₦7.2 trillion in 2025.

Revenue, however, fell 24% to ₦34.5 trillion, from ₦45.1 trillion the previous year. NNPC said the decline was mainly due to lower crude oil prices and reduced sales of refined petroleum products following changes in Nigeria’s downstream market. NNPC — 2025 audited results⁠

Profit rose despite lower revenue

NNPC’s other financial indicators also improved.

Operating cash flow increased 16% to ₦12.8 trillion, while EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) rose 22% to ₦18 trillion.

The company also declared a ₦5.8 trillion dividend, 35% higher than the previous year. NNPC — Investor Relations⁠

The results suggest NNPC kept more of its revenue as profit despite earning less overall during the year.

Oil production reached a five-year high

Crude oil and condensate production averaged 1.77 million barrels per day in 2025, the highest level NNPC has reported in five years.

Total oil and condensate production reached 565.8 million barrels, while natural gas output averaged 7.2 billion standard cubic feet per day, its highest level in three years. NNPC — 2025 operational results⁠

The production increase matters because crude oil remains one of Nigeria’s biggest sources of export earnings and government revenue. Producing more barrels gives the country more oil to sell when international prices are favourable.

NNPC wants production to rise further

NNPC is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

It also wants natural gas production to reach 12 billion standard cubic feet per day by 2030 and plans to mobilise $60 billion in investment across Nigeria’s upstream, midstream and downstream oil and gas sectors. NNPC — production and investment targets⁠

What this means

For Nigeria, the important part of the results is not only the ₦7.2 trillion profit.

NNPC is reporting stronger earnings while oil and gas production are also increasing, which is more important for the wider economy because production determines how much crude and gas Nigeria can actually sell.

The next thing to watch is whether production continues towards the 2-million-barrel-a-day target and whether higher NNPC profits result in stronger and more consistent returns to government.