Yemisi Izuora
NNPC Limited, says it is entering a new phase of growth with clear production and investment ambitions.
Under the projected growth plan, the Company is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030. The Company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 and complete major gas infrastructure, including AKK, ELPS and OB3.
The plan was presented during the presentation of the Company’s audited results for the year ended 31 December 2025, following its Annual General Meeting and second Earnings Call with financial and business analysts.
The results underline the Company’s growing earnings capacity and operational momentum and provide a stronger platform for growth.
Profit After Tax rose 33 per cent to ₦7.2 trillion from ₦5.4 trillion in 2024, while revenue stood at ₦34.5 trillion. Revenue declined 24 per cent, principally reflecting lower crude oil prices and reduced white product volumes following market deregulation in 2024. Stronger earnings despite this pressure demonstrate the resilience of NNPC Limited’s operations.
Key financial measures advanced: EBITDA rose 22 per cent to ₦18.0 trillion; Earnings Per Share increased 32 per cent to ₦35.9; operating cash flow grew 16 per cent to ₦12.8 trillion; Return on Equity improved by 200 basis points to 16 per cent, and the declared dividend increased 35 per cent to ₦5.8 trillion.
Crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.
Oil and condensate production totalled 565.8 million barrels, up 5 per cent, with NNPC Limited’s equity share increasing 11 per cent to 223.7 million barrels. Natural gas production reached 2,606.2 billion standard cubic feet, up 9 per cent, while its equity share rose 11 per cent to 1,154.9 billion standard cubic feet.
Progress across the portfolio included completion of the AKK River Niger crossing and full completion of the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline. NNPC Limited commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness. It also acquired 500 CNG-powered trucks, and adopted a Technical Equity Partnership Model for its refinery reform.
NNPC Limited’s talent-to-value transformation is building the workforce needed to deliver its commercial priorities. In 2025, the Company employed 1,023 full-time employees including over 1,000 graduates who were recently deployed following a rigorous one-year internship and training programme. Women now hold 23% of leadership positions, compared with an industry average of 17%. Through its Talent- to-Value and Fit-for-Future strategy, the Company is combining experience with emerging talent, expanding digital and international exposure, and strengthening the capabilities required for sustained growth.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” said Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited. “We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”
On sustainability, the Company completed 6,028 cataract surgeries, planted 80,000 trees, developed its Net Zero 2050 strategy and maintained reporting under Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC), and United Nations Global Compact (UNGC) frameworks.