Nigeria's NNPC profit falls to 462 billion naira despite higher oil output in May
Nigeria's state oil company NNPC Limited reported an after-tax profit of 462 billion naira in May 2026, down from April, despite recording its highest crude oil and condensate output in a year. Gas output and pipeline availability also improved.
Nigeria's state oil company NNPC Limited reported an after-tax profit of 462 billion naira in May 2026, a decline from the previous month. The results were published as the company reviewed its monthly performance.
Despite the drop in profit, NNPC said it recorded its highest crude oil and condensate production in a year over the same period, alongside improved gas output and stronger pipeline availability. That suggests higher output did not translate directly into stronger profitability.
Oil revenue is critical to Nigeria's economy, underpinning the public budget and foreign-exchange earnings. Analysts are watching the company's financial performance closely, weighing costs, price swings and the direction of ongoing reforms in the sector.
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