The Nigerian National Petroleum Company Limited (NNPCL) has released its first financial report under the current leadership, detailing a strong performance in the first quarter of 2025.
According to the report published on Thursday, NNPCL made a total statutory payment of ₦4.22 trillion to the federation account between January and March. In April alone, the company generated ₦5.89 trillion in revenue from its operational activities.
The report also revealed a profit after tax of ₦748 billion, underscoring improved efficiency and profitability in the state oil firm’s operations.
In addition to financial results, the company confirmed that refinery upgrades and facility assessments are ongoing, as part of its broader strategy to strengthen Nigeria’s oil and gas infrastructure.
Looking ahead, NNPCL is targeting final investment decisions (FIDs) for four major upstream projects by Q4 2025. These include:
- Ntokon Development Project (OML 102)
- Crude Oil Production Expansion Project (OML 29)
- Gas Development Projects in OMLs 30 and 42
- Brass Fertilizer Project financial close
These initiatives are part of NNPCL’s strategic push to enhance local production capacity, reduce dependence on imports, and unlock more value in the energy sector.
