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Nigeria National Petroleum Company Limited (NNPC Ltd) ended 2025 with a stronger financial position, recording higher earnings, increased operating cash flow, improved returns and lower net debt, as the company continued to strengthen its balance sheet and reposition its businesses for long-term growth.
The company’s Group Chief Executive Officer (GCEO), Bashir Bayo Ojulari, disclosed this while presenting the company’s 2025 performance, noting that profit after tax rose by 33 per cent to N7.2 trillion, while operating cash flow increased by 16 per cent to N12.8 trillion. Dividends also grew by 35 per cent to N5.8 trillion, while return on equity rose by 200 basis points to 16 per cent.
Ojulari said the financial performance reflected the impact of stronger operational execution, improved production and greater value capture across the company’s integrated energy portfolio.
He said NNPC Ltd delivered the results despite a challenging global operating environment characterised by geopolitical tensions, trade frictions and increased oil supply from both OPEC+ and non-OPEC+ producers, which contributed to softer oil prices.
According to him, global economic growth remained resilient at approximately three per cent in 2025, supported by easing inflationary pressures and a more accommodative monetary policy environment across major economies.
Domestically, he said, economic conditions improved, with steady GDP growth, moderating inflation, a stronger and more stable naira and increased foreign capital inflows, reflecting the impact of on-going economic reforms.
Ojulari added that the recovery in oil and condensate production, supported by improved operational efficiency and asset reliability, also strengthened the contribution of the oil and gas sector to economic growth.
Against this backdrop, he said NNPC Ltd concentrated on factors within its control, particularly operational reliability, capital discipline and execution.
The approach, according to him, translated into broad-based volume growth across several segments of the company’s portfolio.
Oil and condensate production increased by five per cent in 2025, while natural gas production rose by nine per cent. More significantly, the company’s equity volumes grew by 11 per cent across oil, condensate and natural gas, allowing NNPC Ltd to capture a greater share of the production and associated economic value.
The gas business recorded particularly strong growth during the year. Gas transmission volumes increased by 18 per cent, sales volumes rose by 12 per cent, while LNG volumes grew by 11 per cent.
Ojulari attributed the increase in oil and condensate production largely to new well additions, targeted interventions at OML 13 and improved asset integrity, which together contributed approximately 32,400 barrels of oil per day.
Natural gas production growth was driven by improved performance across projects including Uzu field gas and Agbada NAG Train 1, as well as major well interventions. A more proactive approach to maintenance also helped improve reliability and uptime across the portfolio.
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However, the company recorded a significant decline in white-products sales, with volumes falling by 60 per cent. Ojulari attributed the decline to the structural change in NNPC Ltd’s downstream market role following the deregulation of gasoline prices in 2024.
He said the growth recorded in crude oil and gas businesses helped offset the reduction in white-product volumes, demonstrating the resilience and diversity of the company’s portfolio.
The stronger operational performance also translated into higher shareholder returns. Profit after tax increased to N7.2 trillion, representing a 33 per cent year-on-year increase, while dividends rose 35 per cent to N5.8 trillion.
Operating cash flow increased 16 per cent to N12.8 trillion, providing the company with greater financial flexibility to fund its strategic priorities.
Return on equity also increased by two percentage points to 16 per cent.
Beyond financial and operational performance, NNPC Ltd reported progress across its environmental, social and governance initiatives.
During the year, the company expanded access to cleaner energy through the delivery of nine new compressed natural gas (CNG) sites, taking its total network to 19 stations.
Through its social impact programmes, the company said more than 6,000 cataract surgeries were facilitated, while over 300,000 National Youth Service Corps members received financial literacy and workforce-readiness training.
More than 15,000 farmers also benefited from climate-smart agriculture and market-readiness training.
NNPC Foundation’s afforestation and reforestation initiative resulted in the planting of 80,000 trees, while the company developed its Net Zero 2050 strategy to guide its longer-term decarbonisation efforts.
On corporate leadership, Ojulari said women accounted for 23 per cent of the company’s leadership, above the global industry average of 17 per cent. NNPC Ltd also maintained its participation and reporting under key international sustainability frameworks and received awards in five categories at the 2025 SERAS Africa Sustainability Awards.
Looking ahead, Ojulari said NNPC Ltd would focus on achieving its medium-term growth ambitions across the integrated energy value chain, while improving returns and maximising value from its portfolio.
