The Nigerian National Petroleum Company Limited (NNPC Ltd) increased its profit after tax to ₦7.2 trillion in 2025, even as revenue fell sharply, highlighting the impact of tighter cost control, stronger debt recovery, improved operations and a changing business strategy.
NNPC disclosed the figures on September 29, 2026, when it released its audited results for the year ended December 31, 2025. Profit after tax rose 33% from ₦5.4 trillion in 2024, while revenue declined 24% to ₦34.5 trillion.
According to NNPC, the revenue decline was driven mainly by lower crude oil prices and reduced white-product volumes following the deregulation of the downstream petroleum market in 2024. Yet, the company was able to grow profit by focusing more closely on factors within its control.
Leadership and workforce development have become an important part of NNPC’s transformation.
Bashir Bayo Ojulari became NNPC’s Group Chief Executive Officer in April 2025, replacing Mele Kyari as the company moved into a new phase of commercial and operational reforms.
In its September 29 results statement, NNPC said it employed 1,023 full-time employees in 2025, including more than 1,000 graduates who had completed a one-year internship and training programme.
The company also said women now occupy 23% of its leadership positions, compared with an industry average of 17%.
NNPC said its Talent-to-Value and Fit-for-Future programmes are designed to combine experienced professionals with emerging talent while strengthening digital, technical and international capabilities.
Cost discipline was another major contributor to the stronger bottom line.
Speaking on September 29, NNPC’s Chief Financial Officer, Adedapo Segun, said the company focused on areas it could control, including operating efficiency and administrative costs, to protect its margins as revenue weakened.
The PUNCH reported on September 30 that NNPC cut its general and administrative expenses by 25% in 2025. The company reduced administrative expenses from about 8% of revenue in 2024 to 7% in 2025.
NNPC also intensified efforts to recover long-standing receivables from customers. The company’s improved collections allowed it to reverse some provisions previously made against debts considered difficult to recover, further supporting its profit.
The stronger financial performance was accompanied by higher operating cash flow, which rose 16% to ₦12.8 trillion, according to NNPC’s audited results.
NNPC’s strategy is also shifting towards greater private-sector participation and higher production.
For its refinery rehabilitation programme, the company adopted a Technical Equity Partnership model, under which strategic partners are expected to bring capital and technical expertise while sharing investment risks with NNPC.
The company is also targeting crude oil production of 2 million bpd by 2027 and 3 million bpd by 2030. NNPC said it plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030.
The production strategy is already showing some progress. NNPC reported that crude oil and condensate production averaged 1.77 million bpd in 2025, its highest level in five years, while natural gas output reached 7.2 billion standard cubic feet per day, a three-year high.
The numbers therefore tell a broader story than a ₦7.2 trillion profit headline. NNPC’s 2025 performance reflected a combination of people, financial discipline and strategy, from rebuilding its workforce and leadership pipeline to cutting costs, recovering debts, increasing production and seeking private capital for major projects.
The bigger test for the company will be whether those measures can sustain profitability and translate into higher production, stronger investment and more efficient operations in the years ahead.
