The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a sharp increase in revenue and profitability in April 2026, driven by improved crude oil production and stronger operational performance.
Other News
According to the company’s April 2026 operational and financial report released on Saturday, revenue rose to N4.97 trillion in April from N2.77 trillion recorded in March, representing a month-on-month increase of about 79%.
The performance highlights a stronger start to the second quarter of the year as the state-owned energy company continues efforts to boost production, improve operational efficiency, and expand gas infrastructure.
What the data is saying
NNPC’s financial and operational indicators showed notable improvements in April, supported by higher oil production and increased government remittances.
- Profit after tax rose to N481 billion, compared to N276 billion recorded in the previous month.
- Crude oil and condensate production increased to 1.68 million barrels per day in April from 1.56 million barrels per day in March.
- Between January and April 2026, the company remitted N3.71 trillion in statutory payments to the Federal Government, up from N2.89 trillion recorded in the first quarter of the year.
The figures indicate a stronger contribution by the national oil company to government revenues amid ongoing efforts to improve production levels and operational efficiency.
More Insights
While oil production improved during the month, natural gas operations remained largely stable, with ongoing progress recorded across major gas infrastructure projects.
- Natural gas production stood at 7.7 billion standard cubic feet per day (bscf/d) in April.
- Gas sales averaged 4.65 bscf/d during the period under review.
- Upstream pipeline availability was maintained at 79%.
- The company successfully completed the River Niger crossing segment of the OB3 gas pipeline project.
NNPC also reported continued progress on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, a critical infrastructure initiative aimed at expanding gas supply across the country and supporting industrial development.
Why this matter
The strong improvement in revenue and profitability comes at a time when Nigeria is seeking to increase oil production, boost foreign exchange earnings, and strengthen government finances.
Higher crude oil output remains critical to achieving the Federal Government’s revenue targets, given the continued importance of oil earnings to the country’s fiscal framework.
The progress recorded on strategic gas projects is also expected to support Nigeria’s energy transition objectives, improve domestic gas utilization, and attract investments into power generation and industrial activities.
However, operational challenges continue to pose risks to production growth and infrastructure delivery timelines.
What you should know
Nigeria has continued efforts to increase crude oil production toward its OPEC quota following years of underperformance caused by crude theft and pipeline vandalism.
The NNPCL earlier this year unveiled its Gas Master Plan 2026, targeting 10 billion cubic feet of daily gas production to drive industrialisation and strengthen Nigeria’s energy security.
https://cms1977.nnpcgroup.com/uploads/NNPC_Monthly_Report_April_2026_9e958e0848.pdf
