Nigeria's NNPCL posts 47% drop in revenue, but growth prospects remain strong

The Nigerian National Petroleum Co. Ltd. (NNPCL) has recorded a significant decrease in revenue for the start of 2026, dropping to NGN2.57 trillion ($1.8bn) in January from NGN4.82 trillion ($3.4bn) in December 2025, according to Leadership.

The data, shown in a monthly report summary from the state-owned company, was released on March 9 and highlighted a decline that has been caused in part by evacuation issues, asset integrity hurdles, and reduced planned deliveries amid adverse weather conditions.

Nonetheless, the company has been able to turn a profit, having posted gains of NGN385bn ($275.9mn), a slight increase compared to December 2025, Leadership notes.

Although output had partially dropped, leading to lower figures recorded in January, it has since increased month by month after turnaround maintenance at the Agbami and Renaissance fields was completed.

According to the report, NNPCL fuel stations have also reported 54% availability of petrol, and major projects undertaken by the company – such as the Obiafu-Obrikom-Oben (OB3) gas pipeline and Ajaokuta-Kaduna-Kano (AKK) pipeline – have reached 96% and 92% completion, respectively, showing a more promising outlook on the company’s future.

Furthermore, talks last week between the NNPCL and Dangote Refinery also opened additional potential revenue routes, with CEO Bashir Ojulari and a group of NNPCL officials having made a visit to the plant, discussing strengthening operational and commercial relationships with their counterparts at Dangote.

In a statement referencing the talks, Ojulari praised Dangote Group CEO Aliko Dangote for his “vision” and “perseverance” in delivering the plant and described the partnership with the company as one that would “unlock synergies across assets, infrastructure, capital and markets,” and “provide visibility of all NNPC-Dangote business relations”.

Ojulari continued to note that the collaboration could yield significant upstream expansion opportunities for both companies, while also allowing them to move into shipping, trading, and gas supplies.