Market News

BY Camillus Eboh

ABUJA (Reuters) – Nigeria’s state oil company NNPC reported a 2025 after-tax profit of 7.2 trillion naira ($5.43 billion), up 33% from the previous year, despite lower revenue, Chief Executive Bayo Ojulari said on Tuesday.

Long seen as Nigeria’s cash cow, NNPC has been weakened by political interference, corruption allegations and opaque operations, leaving its new leadership with the task of rebuilding the company and helping revive the broader economy.

• Revenue fell to 34.5 trillion naira, mainly due to lower crude oil prices and weaker product sales following market deregulation, Ojulari told reporters.
• Crude oil and condensate output reached a five-year high of 1.77 million barrels per day at peak output, while gas supply rose to a three-year high of 7.2 billion standard cubic feet per day, the company said.
• Ojulari credited the performance to tighter operational discipline, efficiency gains and continued investment in assets and infrastructure.
• NNPC said Chinese partners had completed studies on the Port Harcourt and Warri refineries under an existing memorandum of understanding, although no final agreement has been signed.
• Security on major oil pipelines has improved significantly with support from community surveillance groups and the military. Several key pipelines are operating at or near full capacity.
• Oil theft and vandalism remain challenges on smaller pipelines and wellheads.
• NNPC is deploying fibre-optic monitoring systems, intrusion-detection technology and wellhead protection systems to strengthen security.

($1 = 1,325.85 naira)