 remitted N4.2tn to the federal government in Q1 2025 and announced major progress on){kind=link}
The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it remitted a total of N4.22 trillion to the Federation Account between January and March 2025. The national oil firm also announced significant advancements in its refinery rehabilitation projects, upstream oil and gas developments, and corporate social responsibility programmes.
According to its latest Monthly Report Summary for April 2025, the state-owned oil company revealed that it generated N5.89 trillion in operational revenue in April and recorded a profit after tax of N748 billion—the first financial disclosure under the leadership of its new Group Chief Executive Officer, Mr. Bashir Bayo Ojulari.
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NNPCL confirmed that refinery assessments and upgrades are actively progressing across the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and the Kaduna Refining and Petrochemical Company. These upgrades are seen as essential to restoring Nigeria’s refining capacity and reducing the country’s long-standing reliance on imported petroleum products.
Additionally, the Ajaokuta-Kaduna-Kano (AKK) and the Obiafu-Obrikom-Oben (OB3) gas pipeline projects—critical to Nigeria’s domestic gas distribution—are nearing completion. The OB3 pipeline is reported to be 95% completed, while the AKK pipeline has reached 70%, following major technical interventions to overcome legacy challenges, including River Niger crossings.
The report outlined strategic upstream expansion plans, with four major projects expected to reach final investment decisions by the fourth quarter of 2025. These include:
The Ntokon Development Project (OML 102),
Crude Oil Production Expansion (OML 29),
Gas Development Projects in OMLs 30 and 42,
And financial closure on the Brass Fertilizer Project.
These initiatives are geared toward increasing Nigeria’s crude oil production to 1.9 million barrels per day (mbpd) by year-end. As of April, the company recorded an output of 1.61 mbpd, slightly up from 1.56 mbpd in March. Gas production also surged to 7.35 billion standard cubic feet per day.
In addition to infrastructure development, NNPCL reported notable progress in social impact programmes through the NNPC Foundation. These include:
Empowering 531 National Youth Service Corps (NYSC) members with solar energy starter kits.
Providing 83 ICT trainees and 170 creative talents with business starter packs.
Conducting 2,005 cataract surgeries in the South-East and South-South.
Rehabilitating three hospital wards with 100-bed capacity at the National Orthopaedic Hospital, Igbobi.
Furthermore, the foundation commissioned science libraries in Lagos and Abuja schools and trained 3,860 vulnerable farmers in climate-smart agriculture, contributing to food security and rural economic development.
Although the financial data remains provisional and unaudited, analysts note that the report paints a positive outlook for the new leadership of NNPCL. The company’s blend of aggressive investment in infrastructure and strong social intervention aligns with the federal government’s drive for economic diversification and energy independence.
With the global oil landscape evolving rapidly and Nigeria working to reassert its relevance amid global energy transition pressures, the NNPCL’s latest financial performance and project pipeline signal a strategic pivot toward sustainability, growth, and national development.
As the company positions itself as a fully commercial enterprise following its 2021 incorporation under the Petroleum Industry Act (PIA), transparency, operational efficiency, and broad-based stakeholder engagement will remain crucial for its long-term success.
NNPCL confirmed that refinery assessments and upgrades are actively progressing across the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and the Kaduna Refining and Petrochemical Company. These upgrades are seen as essential to restoring Nigeria’s refining capacity and reducing the country’s long-standing reliance on imported petroleum products.
Additionally, the Ajaokuta-Kaduna-Kano (AKK) and the Obiafu-Obrikom-Oben (OB3) gas pipeline projects—critical to Nigeria’s domestic gas distribution—are nearing completion. The OB3 pipeline is reported to be 95% completed, while the AKK pipeline has reached 70%, following major technical interventions to overcome legacy challenges, including River Niger crossings.
The report outlined strategic upstream expansion plans, with four major projects expected to reach final investment decisions by the fourth quarter of 2025. These include:
The Ntokon Development Project (OML 102),
Crude Oil Production Expansion (OML 29),
Gas Development Projects in OMLs 30 and 42,
And financial closure on the Brass Fertilizer Project.
These initiatives are geared toward increasing Nigeria’s crude oil production to 1.9 million barrels per day (mbpd) by year-end. As of April, the company recorded an output of 1.61 mbpd, slightly up from 1.56 mbpd in March. Gas production also surged to 7.35 billion standard cubic feet per day.
In addition to infrastructure development, NNPCL reported notable progress in social impact programmes through the NNPC Foundation. These include:
Empowering 531 National Youth Service Corps (NYSC) members with solar energy starter kits.
Providing 83 ICT trainees and 170 creative talents with business starter packs.
Conducting 2,005 cataract surgeries in the South-East and South-South.
Rehabilitating three hospital wards with 100-bed capacity at the National Orthopaedic Hospital, Igbobi.
Furthermore, the foundation commissioned science libraries in Lagos and Abuja schools and trained 3,860 vulnerable farmers in climate-smart agriculture, contributing to food security and rural economic development.
Although the financial data remains provisional and unaudited, analysts note that the report paints a positive outlook for the new leadership of NNPCL. The company’s blend of aggressive investment in infrastructure and strong social intervention aligns with the federal government’s drive for economic diversification and energy independence.
With the global oil landscape evolving rapidly and Nigeria working to reassert its relevance amid global energy transition pressures, the NNPCL’s latest financial performance and project pipeline signal a strategic pivot toward sustainability, growth, and national development.
As the company positions itself as a fully commercial enterprise following its 2021 incorporation under the Petroleum Industry Act (PIA), transparency, operational efficiency, and broad-based stakeholder engagement will remain crucial for its long-term success.