Crude oil generated 74% of NNPC’s N34.5 trillion revenue in 2025

The Nigerian National Petroleum Company Limited (NNPC Ltd.) reported that crude oil generated approximately 74% of its N34.52 trillion revenue in 2025, maintaining its standing as the primary source of operating revenue for the state-owned energy company. This figure, disclosed in NNPC's 2025 Annual Financial Report, highlights the company's continued reliance on crude oil sales despite a 23.4% decrease in overall revenue, which fell from N45.08 trillion in 2024 to N25.39 trillion in 2025.

The decline in crude sales was attributed to a 13.1% year-on-year drop, with NNPC producing an average of 1.77 million barrels of crude oil and condensate daily - its highest average daily crude production in five years. However, the company mitigated the impact of the revenue decline with a significant increase in Profit After Tax to N7.18 trillion, up from N5.41 trillion the previous year.

This growth was primarily driven by a sharp surge in other income, which rose to N8.42 trillion in 2025, more than double the N3.39 trillion recorded in 2024. This substantial uptick in other income, including a write-back of provisions from the Amenam-Kpono stock overlift claim, helped NNPC offset the decline in Group revenue and maintain its financial performance.

Looking ahead, NNPC has set targets to increase crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030. The company's strategic focus on expanding production across its upstream operations underscores its commitment to maintaining a strong position in the energy sector.