The Nigerian National Petroleum Company Limited (NNPC Ltd.) has recorded a strong rebound in earnings and production, posting a 74.28 per cent rise in profit after tax to ₦481 billion in April 2026, as revenue surged close to the ₦5 trillion mark on the back of improved crude output and expanding gas operations.
In its Monthly Report Summary released on Saturday, the national oil company said revenue rose to ₦4.971 trillion in April, representing a 79.23 per cent increase from March, reflecting stronger operational efficiency and improved market performance across its upstream and midstream businesses.
Crude oil and condensate production also climbed to 1.68 million barrels per day (mmbopd), the highest level recorded in recent months, marking a 7.69 per cent increase over March output. The company attributed the growth to ongoing recovery efforts in Nigeria’s oil sector, following persistent challenges of theft, vandalism and years of underinvestment.
Production data over the past year showed output fluctuating between 1.54 mmbopd and 1.70 mmbopd, with April’s performance seen as a signal of sustained recovery momentum and potential for further gains in the coming months.
In the gas sector, production remained largely stable at 7,730 million standard cubic feet per day (mmscf/d), marginally below March’s 7,731 mmscf/d. However, gas sales rose to 5,044 mmscf/d, driven by increased domestic consumption and export demand.
NNPC also disclosed that it remitted ₦3.714 trillion in statutory payments to the Federation Account between January and April 2026, reinforcing its position as one of the country’s top revenue contributors.
On infrastructure, the company reported significant progress on key gas projects. It confirmed the completion of the Obiafu-Obrikom-Oben (OB3) River Niger crossing, a critical milestone expected to enhance gas transmission across major industrial corridors.
Work is also advancing on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with the company projecting early gas delivery to Abuja in 2026—an achievement expected to boost power supply, stimulate industrial growth and strengthen energy security nationwide.
Operational indicators showed upstream pipeline availability at 79 per cent, while the OB3 pipeline recorded 96 per cent availability. The AKK project is now 94 per cent completed, according to the report.
In the downstream segment, NNPC Retail maintained nationwide presence, with fuel availability across its stations averaging 54 per cent during the period under review.
Analysts say the combined gains in revenue, production and infrastructure delivery point to a gradual strengthening of the national oil company’s performance, with potential positive implications for investor confidence and Nigeria’s broader economic recovery agenda.
The April figures, they note, underscore a continuing recovery trajectory as NNPC balances production growth with accelerated completion of strategic gas projects aimed at reshaping the country’s energy landscape.
