NNPC Targets 430 Million Barrels in Annual Crude Trading

Nigeria's NNPC Limited aims to increase annual crude trading volumes to 430 million barrels as it seeks stronger returns from its commercial businesses.

Chief executive Bashir Bayo Ojulari disclosed the target in a strategic outlook reported by Tribune Online on 3 October. Trading measures buying and selling crude flows, not physical oil production; the test is whether added volume improves margins and cash generation.

The trading target comes after NNPC reported profit after tax of N7.2T for 2025, up 33% from N5.4T in 2024. The company also declared a N5.8T dividend, up 35%, while operating cash flow rose 16% to N12.8T.

For Nigeria, a larger trading operation could matter if it produces stronger margins and cash returns from the country’s crude flows. For investors and counterparties, the more commercial strategy provides a clearer measure of NNPC’s performance beyond production volumes.

The regional investment context includes Dangote’s proposed African industrial programme, where financing and execution are also central tests.

Where the strategy is changing

The trading expansion is part of a broader effort by NNPC to strengthen businesses that can generate cash and returns rather than rely primarily on its traditional role in Nigeria’s oil sector.

Ojulari said the company wants to raise annual crude trading volumes to 430 million barrels, while also repositioning its shipping business, expanding compressed natural gas and cleaner-energy infrastructure and using Technical Equity Partnerships to support refinery operations.

The plan comes as NNPC operates in a different downstream market after Nigeria’s 2024 petrol-price deregulation. Tribune reported that the company’s white-products sales fell 60% in 2025, while growth in crude oil and gas businesses helped offset the decline.

NNPC’s own September 29 results announcement confirms the stronger financial performance. It reported revenue of N34.5T, down 24%, mainly because of lower crude prices and reduced white-product volumes, even as profit increased.

The numbers behind the shift

NNPC’s 2025 results show a company trying to improve profitability while dealing with weaker revenue.

Profit after tax increased from N5.4T in 2024 to N7.2T in 2025, a 33% rise. EBITDA increased 22% to N18.0T, while earnings per share rose 32% to N35.9.

Crude oil and condensate production averaged 1.77 million barrels per day, the company said, its highest level in five years. Total oil and condensate production reached 565.8 million barrels, up 5%, while NNPC’s equity share increased 11% to 223.7 million barrels.

Natural gas production reached 2,606.2 billion standard cubic feet, up 9%, and NNPC’s equity share increased 11% to 1,154.9 billion standard cubic feet.

Those production figures are separate from the 430 million-barrel trading target. Trading involves buying, selling and managing crude flows, while production measures physical output from oil and gas assets. The distinction matters because the trading target does not mean NNPC expects to produce 430 million barrels itself.

What the target means for NNPC

A larger trading operation could give NNPC another source of earnings and help it extract more value from crude volumes moving through its wider portfolio.

The company already operates NNPC Trading, which says it handles domestic and international crude trading, refined products, natural gas liquids, liquefied petroleum gas, LNG cargoes and condensates. NNPC Trading says it traded more than 15 million barrels of crude a month by the end of 2024.

The commercial push also sits alongside a much larger investment programme. NNPC said in its September 29 results announcement that it plans to mobilise $60B in upstream, midstream and downstream investment by 2030, while targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

The immediate test for the trading strategy is whether higher volumes will translate into stronger margins and cash generation. More barrels alone do not guarantee better returns. Profitability will depend on trading margins, financing costs, market prices, risk management and how efficiently NNPC deploys capital.

The 430 million-barrel target therefore marks a shift in emphasis towards commercial scale, but its success will ultimately be measured by the earnings and cash returns generated from that activity.