The NNPC Ltd. has reported robust revenue and profit figures for the first quarter of 2026, underscoring resilience in the nation’s oil sector amid ongoing pipeline development projects across key production states.
In a statement released on Thursday, 13 February 2026, the Group Managing Director, Mele Kyari, announced that the company achieved revenue of ₦2.4 trillion and a net profit of ₦420 billion for Q1, reflecting a 17% increase in revenue and a 14% rise in profit compared to the same period in 2025. The figures, Kyari said, were driven by higher crude oil sales, improved refining margins, and strategic cost optimization measures across its subsidiaries.
NNPC Ltd. highlighted progress on several critical pipeline projects, including the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, the Oben–Kaduna–Kano crude oil pipeline, and the Eastern Nigeria Gas Supply Project, which spans Rivers, Akwa Ibom, and Cross River States. Kyari emphasized that these projects are on track for completion in phases between 2026 and 2027, and are expected to enhance domestic gas distribution and export capacity.
The company also reported that ongoing maintenance and upgrades to the Warri Refining and Petrochemical Company and the Port Harcourt Refining and Petrochemical Company contributed to efficiency gains, reducing operational downtime and increasing throughput. Kyari noted that the improved refining performance has supported both local consumption and export obligations.
Industry analysts in Abuja and Lagos have observed that NNPC Ltd.’s strong financial performance comes despite persistent challenges in the oil sector, including pipeline vandalism in the Niger Delta, fluctuating global crude prices, and rising operational costs. The firm’s strategic investments in pipeline integrity monitoring, security partnerships with local communities, and advanced leak detection technologies have been cited as factors mitigating revenue losses.
Mele Kyari also indicated that NNPC Ltd. is engaging in partnerships with international oil and gas companies to fast-track technology transfer, enhance exploration efficiency, and expand gas commercialization efforts. Projects in Ondo, Delta, and Akwa Ibom States are expected to supply additional gas volumes to domestic power plants and industrial zones, contributing to Nigeria’s energy security agenda.
The company’s financial statements have been submitted to the Federal Ministry of Finance, Budget and National Planning, and are expected to inform government policy on petroleum revenues, downstream investments, and strategic gas-to-power initiatives. Observers note that sustained profitability and project execution by NNPC Ltd. could attract further foreign investment into Nigeria’s upstream and midstream sectors.
With pipeline projects progressing steadily and revenue growth maintained, NNPC Ltd. positions itself as a key driver of economic activity and energy stability in Nigeria, signaling confidence in both domestic operations and export potentials through 2026.
