By John Umeh
The Nigerian National Petroleum Company Limited (NNPCL) has announced a record-breaking profit of ₦1.054 trillion for the month of May 2025, signaling a major boost to the country’s oil and gas industry and overall fiscal outlook. The profit figure, the highest recorded in a single month since NNPCL’s transition into a fully commercial entity, highlights strong performance amid favorable market conditions and internal operational reforms.
In a statement released by the company, NNPCL attributed the impressive earnings to rising global crude oil prices, improved production output, reduced oil theft, and enhanced efficiency in upstream and downstream operations. The company’s Group Chief Executive Officer, Mele Kyari, described the profit as “a direct result of our ongoing transformation strategy focused on value creation, cost control, and transparency.”
The surge in profits comes at a time when global oil prices have hovered between $88 and $95 per barrel, driven by tightening supply and increased demand from recovering economies. Nigeria, benefiting from these favorable dynamics, reportedly ramped up production to nearly 1.7 million barrels per day, up from an average of 1.4 million in the previous months.
According to NNPCL, key investments in pipeline surveillance, digital monitoring, and modular refining have started to yield tangible results. The revamp of the Port Harcourt and Warri refineries, as well as increased activity at the Dangote Refinery, also contributed to reduced import dependency and improved margins on refined products.
Industry experts have welcomed the profit announcement, saying it could signal a turning point for Nigeria’s oil sector, long plagued by inefficiencies, subsidy burdens, and declining investor confidence. “This kind of profit performance gives hope that the NNPCL is finally aligning with its mandate as a commercially viable enterprise,” said energy economist Dr. Ayo Omotola.
The Federal Government, which owns a 100% stake in the company, is expected to benefit significantly from the May windfall through dividend payments, taxes, and royalties. This could provide some fiscal relief at a time when the nation faces pressing economic challenges, including inflation, high debt servicing costs, and foreign exchange instability.
NNPCL has pledged to sustain its current trajectory by doubling down on investments in renewable energy, gas infrastructure, and upstream exploration. The company reiterated its commitment to becoming a global energy powerhouse and playing a leading role in ensuring Nigeria’s energy security and economic resilience.
As NNPCL continues its transformation journey, the May 2025 profit milestone will likely stand as a powerful benchmark for both performance and accountability in Nigeria’s oil and gas sector.
