The Nigerian National Petroleum Company Limited (NNPCL) has released its first official financial report since its transition to a limited liability company, showcasing a robust financial performance and outlining ambitious strategic objectives for the growth and diversification of Nigeria’s energy sector. The report, covering the period ending April 2025, highlights significant financial gains, increased production, and ongoing infrastructural developments. Specifically, NNPCL reported a profit after tax of N748 billion for April 2025, along with total revenue generation of N5.89 trillion from operational activities within the same period. Furthermore, statutory payments to the federation account between January and March 2025 reached N4.22 trillion, underscoring the company’s substantial contribution to the national treasury.
The report also details improvements in operational efficiency across several segments. Crude oil and condensate production saw a marginal increase to 1.61 million barrels per day (mbpd) in April, up from 1.56 mbpd in March. Similarly, gas production registered an upward trend, reaching 7,354 million standard cubic feet per day (mmscfd). These figures, however, represent only NNPCL’s direct operations and do not include data from independent operators, which are reported separately by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The company emphasizes that these financial and operational figures are provisional and unaudited, pending final verification.
NNPCL’s strategic roadmap for future growth focuses on key upstream projects aimed at boosting production, revenue generation, and diversifying Nigeria’s energy mix. The company aims to reach final investment decisions (FIDs) on four critical projects by the fourth quarter of 2025. These projects include the Ntokon Development Project (OML 102), the Crude Oil Production Expansion Project (OML 29), Gas Development Projects in OMLs 30 and 42, and the Brass Fertilizer Project. The latter is of particular importance as it seeks to address Nigeria’s growing domestic demand for fertilizers, reduce reliance on imports, and bolster agricultural productivity. These initiatives align with NNPCL’s objective of achieving a production target of 1.9 million barrels per day by the end of the year.
Beyond production enhancements, the report also underscores significant progress in infrastructural development and maintenance. NNPCL has finalized several technical interventions on the critical Ajaokuta-Kaduna-Kano (AKK) and OB3 pipelines, addressing long-standing challenges related to River Niger crossings. The OB3 pipeline is now reported to be 95% complete, while the AKK pipeline has reached 70% completion. Furthermore, refinery upgrades and assessments are underway at the Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemical Company (WRPC), and Kaduna Refining and Petrochemical Company (KRPC), signaling the company’s commitment to revitalizing domestic refining capacity.
NNPCL’s report also highlights its commitment to social responsibility through the activities of the NNPC Foundation. Several impactful initiatives have been undertaken, including the distribution of solar power starter packs to 531 National Youth Service Corps (NYSC) members under the NNPC/NYSC Business Empowerment Initiative. Additionally, business starter kits were provided to 83 ICT trainees and 170 creative industry professionals to promote innovation and entrepreneurship. In the healthcare sector, the Foundation facilitated cataract surgeries for 2,005 individuals and rehabilitated three wards at the National Orthopaedic Hospital, Igbobi, demonstrating a focus on improving access to quality healthcare.
The comprehensive report paints a picture of a company undergoing a significant transformation, strategically positioning itself for long-term growth and profitability while actively contributing to national development. The ambitious production targets, infrastructural developments, and social impact initiatives outlined in the report signal NNPCL’s commitment to playing a pivotal role in Nigeria’s economic and social progress. While the figures presented remain provisional and unaudited, they provide a promising outlook for the company’s future trajectory under its new leadership and limited liability structure. Industry experts have noted the positive implications of the report, suggesting that NNPCL is well-positioned to achieve its ambitious targets and contribute significantly to the growth of Nigeria’s oil and gas sector.
